Webinar :Register now for Commodity Ki Paathshala webinar on ‘FPOs & Agriculture Marketing-The Beginning of a New Era’ on January 22, 4pm

Here are 10 tax-saving bank fixed deposits that offer high interest rates

Here are 10 fixed deposits from banks that are worth looking at if you want to save money and tax at the same time.

June 30, 2020 / 02:45 PM IST
Bank fixed deposits (FDs) are investments for all seasons for most in India. Investors love to park their money in these avenues, given that FDs are safe and returns are certain. During this crucial COVID-19 times, here are 10 banks that are providing best interest rates on tax saving FDs.
Bank fixed deposits (FDs) are investments for all seasons for most in India. Investors love to park their money in these avenues, given that FDs are safe and returns are certain. During this crucial COVID-19 times, here are 10 banks that are providing best interest rates on tax saving FDs.
The private sector lender DCB Bank ranks the highest with an annual rate of interest of 7.35 percent. With an investment upto Rs. 1.5 lakh, the return after five years would be approximately Rs 2,15,897.
The private sector lender DCB Bank ranks the highest with an annual rate of interest of 7.35 percent. With an investment upto Rs. 1.5 lakh, the return after five years would be approximately Rs 2,15,897.
The second Bank in the list is IDFC First Bank with an annual interest rate of 7.25 percent. On an investment of Rs 1.5 lakh, the return after five years would be Rs 2,14,839. (Image: WIkimedia)
The second Bank in the list is IDFC First Bank with an annual interest rate of 7.25 percent. On an investment of Rs 1.5 lakh, the return after five years would be Rs 2,14,839. (Image: WIkimedia)
The RBL bank is offering an annual interest rate of 7.15 percent for which the return would be Rs 2,13,786 after five years. (Image: PTI)
The RBL bank is offering an annual interest rate of 7.15 percent for which the return would be Rs 2,13,786 after five years. (Image: PTI)
The foreign lender Deutsche Bank is providing an annual interest rate of 7 percent. After an investment of minimum Rs 1.5 lakh, the returns after five years would be Rs 2,12,217.
The foreign lender Deutsche Bank is providing an annual interest rate of 7 percent. After an investment of minimum Rs 1.5 lakh, the returns after five years would be Rs 2,12,217.
The fourth in the list is the private lender Yes Bank and is sharing the same rate of interest as the foreign lender Deutsche Bank. (Source: Reuters)
The fourth in the list is the private lender Yes Bank and is sharing the same rate of interest as the foreign lender Deutsche Bank. (Image: Reuters)
The AU Small Finance bank is also competing with the private and foreign banks with an annual interest rate of 7 percent (Image: Wikipedia)
The AU Small Finance bank is also competing with the private and foreign banks with an annual interest rate of 7 percent (Image: Wikipedia)
IndusInd Bank is offering an annual interest rate of 6.75 percent for which the return would be Rs 2,09,625 after five years.
IndusInd Bank is offering an annual interest rate of 6.75 percent for which the return would be Rs 2,09,625 after five years.
Another small finance bank is eighth on the list. Ujjivan Small Finance is offering an annual interest rate of 6.25 percent. The return after five years would be Rs 2,04,531. (Image: Moneycontrol)
Another small finance bank is eighth on the list. Ujjivan Small Finance is offering an annual interest rate of 6.25 percent. The return after five years would be Rs 2,04,531. (Image: Moneycontrol)
Karur Vysya Bank is offering an annual interest rate of 6.05 percent for which the return would be Rs 2,02,526 after five years. (Image: Justdial)
Karur Vysya Bank is offering an annual interest rate of 6.05 percent for which the return would be Rs 2,02,526 after five years. (Image: Justdial)
With an annual interest rate of 6.00 percent, Bandhan Bank is at number ten for providing highest tax saving interest rates. With an investment of Rs 1.5 lakh, return after five years would be Rs 2,02,028.
With an annual interest rate of 6.00 percent, Bandhan Bank is at number ten for providing highest tax saving interest rates. With an investment of Rs 1.5 lakh, return after five years would be Rs 2,02,028.
Moneycontrol News
first published: Jun 27, 2020 06:36 pm

stay updated

Get Daily News on your Browser
Sections