TAX SAVER FIXED DEPOSIT - A LOW HANGING FRUIT

All about Tax saver FD

Bank Fixed Deposit is one of the safest investment avenues, which can help us grow our savings, while offering stability and safety of principal amount. Fixed Deposits help you take control of your investments, with greater flexibility, assured returns and high stability.

Anyone can choose tenor as per ones financial needs. In addition to attractive FD interest rates that offer greater returns, you can avail a suite of exciting features and benefits, such as choosing your tenor, or the frequency of your interest payouts. Tax saver FD is also a type of bank FD which offers deduction under income tax 1961.

Features-

1. Investment minimum amount varies from bank to bank. Maximum amount is Rs 1.5 lakh in the financial year which is the ceiling for tax saving investment under section 80C of the income tax Act.

2. These deposits have a lock-in period of 5 years. Premature withdrawals and loan against these FD's are not allowed.

3. A person can invest in these FD's through any public or private sector bank except for co-operative and rural banks.

4.Nomination facility is available and TDS is applicable on interest earned means interest is taxable in the hands of investor.

5. Rate of interest varies from bank to bank which can be in the range of 5.5 to 8%.

6.Interest earned on tax saving fd can be opted to receive on monthly , quarterly or lump sum on maturity.

Comparison with other Tax Saving Investments

Along with FD there are many other tax savings investment options available in financial market that help us build our wealth, such as ELSS Tax saving Mutual Funds, PPF and NSC.

However Fixed deposits are always considered as one of the safest savings option that help you to create wealth without falling victim to market highs and lows. But the returns from these schemes are taxed. That is the place where ELSS beats other options with its dual-benefit – its returns are generally higher and tax-free in the hands of the investor and which is also coupled with a mere lock-in period of 3 years ,which makes it greatest choice for investment for tax saving and wealth creation purpose .

To know more ELSS click here

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#FirstSalary#Dowhatyoulike#Enjoywisely

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