2 Min(s) Read
By Anshul Jan 20, 2023 3:45:17 PM IST (Updated)
The features, benefits, and terms associated with tax saving FD may not be completely the same as the normal FD accounts. Here's all you need to know
It is that time of the year when many investors look at last-minute tax-saving options to save some more money. While there are several avenues available in the markets for the same, tax-saving fixed deposits (FDs) are deemed one of the safest savings options of all. The amount invested in these is completely protected, and the returns are also guaranteed.
Live Tv
Loading...
Put simply- tax saving FD is a special category of the fixed deposit that allows investors to claim deductions under Section 80C of the Income Tax Act. Any investor can claim a deduction of a maximum of Rs 1.5 lakh by investing in tax-saving fixed deposits.
In the case of joint accounts, only the first holder is eligible for deduction from income under Section 80C of the Income Tax Act. These tax-saving FDs have a minimum lock-in period of five years. Investors can open tax-saving FD accounts online or by visiting a bank branch.