BusinessWire India
Bangalore (Karnataka) [India], March 20: Tax Saving Fixed Deposits are gaining a great deal of interest from investors seeking higher yields and tax related savings. High interest rates offered by banks and its dependability in safeguarding investor funds contribute to its popularity. In comparison to savings accounts, FDs offer a better potential for earning interest. Further, Fixed deposit investment offers a tax deduction under Section 80C of the Income Tax Act of 1961. Any investor can claim a deduction of a maximum of Rs. 1.5 lakh per year by investing in a tax-saving fixed deposit account.
How does it work for you
* Safe investment option: Due to its regulation by the Reserve Bank of India and the Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance programme, Bank’s fixed deposit scheme is widely regarded for its dependability. As a result, investors can rest assured that their funds are secure.
* High Interest: A Tax Saving fixed deposit is an attractive investment option for individuals who wish to reduce their tax liability while earning a high rate of return. They typically earn interest in the range of 7-8% per annum on a deposit of maximum of Rs. 1.5 lakh in five years. Upon maturity, the money placed in a Tax Saving fixed deposit is easily redeemed with interest.
* Lump sum amount: Investments are allowed in a single lump-sum amount, which is a convenient way of investing.
* Tax Saving option: The minimum duration for earning tax advantages is five years but one can also prolong the period of investment. Interest generated on fixed deposits is subject to Tax Deducted at Source (TDS). Under Section 80C of the Income Tax Act of 1961, investors are eligible for income tax deductions of up to Rs. 1,50,000 each year.
* Easy process: The process of opening a Tax Saving FD is simple, as the investor just needs a copy of their PAN card and Aadhar card for the same.
Why invest in Ujjivan Tax Saving deposits
Ujjivan Small Finance Bank provides a variety of Liabilities suited to each customer segment. Its Tax Saver Fixed Deposit has become a popular investment option for individuals who wish to reduce their tax burden and earn a higher rate of return than other banks. Ujjivan offers a high-interest rate, of 7.2% per annum. To earn these lucrative rates of return, investors are required to commit for five years.
Due to its attractive interest rates, dependability, and safety, it is an excellent investment option for those who wish to reduce their tax burdens while increasing their investment returns.
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