Personal Finance SBI tax savings scheme: Eligibility, investment limits, interest rates, other details Updated : September 05, 2020 11:23 AM IST State Bank of India (SBI), the country's largest lender, offers income tax benefits under a special type of fixed deposit (FD) scheme. This scheme, also known as tax savings scheme, allows investors to avail income tax benefit against their investment - up to Rs 1.5 lakh in a financial year- under Section 80C of the Income Tax Act. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.