On the other hand, the Post Office tax saving FD interest rate is around 7.8% p.a. Presently, the banks are Offering the interest rates in the Range of 6.75% to 6.90% p.a. In case of a joint account, the tax benefit will be enjoyed by the first holder of the joint account.Tax saving deposit account can be opened individually as well as jointly.The interest earned from this type of FD is taxable and will be deducted from the source.You can transfer the Post Office FD from one Post Office to another.Investment made in Post Office Time Deposit for the period of over five years also qualifies as tax saving FD.Investment in these tax saver FDs can be done in any private or public sector bank (except co-operative and rural banks).You cannot apply for loan against these tax saver FD.There is no provision for premature withdrawal.You can get tax deductions up to INR 1,50, 000.The lock-in period of the tax saving FD is five years.The minimum investment amount of the tax saver FD varies from bank to bank.Only individuals and members of hindu undivided family (HUF) can invest in the tax saving FD scheme.Let us look at the key highlights of the tax saver FD. are among the popular tax saver deposit schemes in the Market. SBI Tax Saving Scheme 2006, HDFC Bank Tax Saver FD, Axis Bank Tax Saver Fixed Deposit etc.

The tax saving FD Interest Rates vary from lender to lender (banks and post office).

These returns are fixed for the duration of the FD. Also, the returns of the tax saver FD are guaranteed (up to INR 1 lakh) contractually by the Post Office or Bank depending on where you invest. Tax saving FD is a type of debt investment and is safer than the equity-based tax saving instruments like ELSS schemes. tax saver FD is a financial avenue where you can invest and save tax under the Section 80C of the income tax Act. It is an easy and secure tax saving instrument which will help you in your Tax Planning. Tax saving fixed deposits or tax saving FD can be a good solution for investors looking for safe and convenient tax saving schemes. Tax Saving FD Updated on Decem, 11229 views Top 5 Banks Offering Tax Savings FD in India.

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