Tax saving is one of the prime important issue for an individual as we are paying up to 40% of our hard earned income as tax.
Various banks are offering different tax saving fixed deposits scheme with high interest rates plus abundant saving of taxes. Tax-saving is no longer the secured domain of Public Provident Fund and National Savings Certificate. Tax-saving Fixed Deposits offered by banks are also eligible for deduction under Section 80C. The deposits are subject to a 5-Yr lock-in period. Currently, the returns on tax-saving Fixed Deposits vary between 7.50-8.50 per cent per annum. The minimum and maximum investment amounts (per annum) have been pegged at Rs 100 and Rs 100,000 respectively. Introduction of tax-saving Fixed Deposits offers risk-averse investors the opportunity to broaden your horizons across mechanisms while conducting the tax-planning work out. A fixed deposit account allows you to deposit your money for a set period of time, thereby earning you a higher rate of interest in return. Fixed deposits also give you a higher rate of interest than a savings bank account. IDBI is launching a five year IDBI Suvidha Tax Saving Fixed Deposit with effect from...
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