Below is the list of banks and their respective interest rates offer for general and senior citizens for their Tax Saving FDs.
The best Tax Saving Fixed Deposit Interest offered is 9.75% for General by Abhyudaya Co-operative Bank and 9.5% by City Union Bank; while its 9.75% for Senior Citizens by Abhyudaya Co-operative Bank, Nutan Nagarik Sahakari Bank and IDBI Bank.
The list is sorted in alphabetical order and highlighted best interest offers.
| Banks | General | Senior Citizens |
| Abhyudaya Co-operative Bank | 9.75 | 9.75 |
| Allahabad Bank | 8.75 | 8.75 |
| Andhra Bank | 9.00 | 9.5 |
| Axis Bank | 8.25 | 9.00 |
| Bank Of Baroda | 9.00 | 9.00 |
| Bank Of Maharashtra | 8.75 | 9.25 |
| Canara Bank | 8.50 | 9.00 |
| Catholic Syrian Bank | 8.75 | 9.25 |
| Central Bank Of India | 8.50 | 9.00 |
| City Union Bank | 9.50 | 9.50 |
| Corporation Bank | 8.75 | 9.25 |
| Dena Bank | 8.75 | 9.50 |
| Dhanalakshmi Bank | 9.00 | 9.50 |
| Greater Bombay Coop Bank | 8.50 | 8.50 |
| HDFC Bank | 8.75 | 9.25 |
| ICICI Bank | 8.50 | 9.25 |
| IDBI Bank | 9.00 | 9.75 |
| Indian Bank | 9.00 | 9.50 |
| Indian Overseas Bank | 9.00 | 9.50 |
| IndusInd Bank | 8.75 | 9.25 |
| ING Vysya Bank | 8.50 | 9.00 |
| Jammu & Kashmir Bank | 8.50 | 9.00 |
| Karnataka Bank | 9.00 | 9.50 |
| Karur Vysya Bank | 8.75 | 9.00 |
| Lakshmi Vilas Bank | 9.00 | 9.25 |
| Mahanagar Co-op Bank | 9.25 | 9.25 |
| Maharashtra State Co Operative Bank | 8.00 | 8.50 |
| Nainital Bank | 8.50 | 9.00 |
| Nutan Nagarik Sahakari Bank | 9.25 | 9.75 |
| Oriental Bank of Commerce | 9.00 | 9.25 |
| Punjab and Sind Bank | 9.05 | 9.55 |
| Punjab National Bank | 8.75 | 9.25 |
| South Indian Bank | 8.50 | 9.00 |
| State Bank of Bikaner and Jaipur | 8.75 | 9.25 |
| State Bank Of Hyderabad | 9.00 | 9.50 |
| State Bank Of India | 8.50 | 9.00 |
| State Bank Of Mysore | 9.00 | 9.50 |
| State Bank Of Travancore | 8.50 | 9.00 |
| Syndicate Bank | 8.50 | 9.00 |
| Tamilnad Mercantile Bank | 9.00 | 9.25 |
| Thane Janata Sahakari Bank | 8.75 | 9.25 |
| The Ratnakar Bank | 9.00 | 9.50 |
| The Shamrao Vithal Co-op Bank Limited | 8.00 | 8.00 |
| UCO Bank | 8.75 | 9.25 |
| United Bank Of India | 8.75 | 9.50 |
| Vijaya Bank | 9.00 | 9.50 |
| Yes Bank | 8.75 | 9.50 |
Key Points – Tax Saving FDs:
- Deposits are accepted for a period of 5 years only
- Interest rate as applicable from time to time for 5 years to term deposits. Senior citizens are entitled for additional interest as applicable.
- Depositor can opt for either cumulative or non-cumulative way of crediting periodical interest.
- Depositor gets benefit U/s.80C of the Income Tax Act. 1961
- Minimum deposit is Rs.100 and in multiples thereof
- Maximum deposit in a Financial Year Rs.1,00,000/- [i.e., 1 st April to 31 st March of the following calendar year]
- Deposits cannot be withdrawn prematurely
- Deposits cannot be pledged to secure loan or as security
Disclaimer: We have tried to keep interest rates up to date, but as these change frequently you are advised to check with the bank before investing. Also it would be great if you can point out any errors through comments or email!
Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )
- ICICI Prudential Tax PlanInvest Online
- HDFC TaxSaver Invest Online
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- Birla Sun Life Tax Relief '96 Invest Online
- IDFC Tax Advantage (ELSS) Fund Invest Online
- SBI Magnum Tax Gain Scheme 1993 Invest Online
- Sundaram Tax Saver Invest Online
- Edelweiss ELSS Invest Online
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