Details Of 5-Year Tax-Saving Fixed Deposits (FD) Of SBI, HDFC Bank, ICICI Bank, Axis Bank

These fixed deposit (FD) schemes are available with a tenure of five years and also offer a range of other benefits.

Details Of 5-Year Tax-Saving Fixed Deposits (FD) Of SBI, HDFC Bank, ICICI Bank, Axis Bank

The minimum amount required to open an income-tax saving FD with Axis Bank is Rs 100

Banks like State Bank Of India (SBI), HDFC Bank, Axis Bank, IDBI Bank, and others offer tax-saving fixed deposits (FD) providing a platform to taxpayers for saving taxes easily. These fixed deposit schemes are available with a tenure of five years and also offer a range of other benefits, as mentioned on different banks' websites. Investors can claim a maximum of Rs 1.5 lakh as tax benefits through tax-saving fixed deposits (FD) as per Section 80C of the Income Tax Act, 1961.

These banks also offer online facilities to open income tax-saving fixed deposits (FD) for the convenience of their account holders. All you have to do is log in to your internet banking account and follow the given set of instructions.

Income-tax saving fixed deposit (FD) with SBI

The minimum amount required to open an income-tax saving fixed deposit (FD) account with SBI is Rs 1,000 and the deposit should not exceed Rs 1.5 lakh a year, according to SBI's official website- sbi.co.in. SBI currently pays an interest rate of 6 per cent on normal fixed deposits or term deposits for maturity between 5 years and 10 years. Senior citizens get a higher interest rate of 6.50 per cent.

Income-tax saving fixed deposit (FD) with HDFC Bank

The minimum amount required to open an income-tax saving fixed deposit (FD) account with HDFC Bank is Rs 100, according to bank's official website- hdfcbank.com.  The deposit should not exceed Rs 1.5 lakh a year, the bank further said.

Income-tax saving fixed deposit (FD) with ICICI Bank

The minimum amount required for opening a fixed deposit (FD) account with ICICI Bank is Rs 10,000, as per the bank's official website- icicibank.com. The maximum amount which can be invested in the ICICI Bank Tax-Saver FD is Rs 1.5 lakh.

Income-tax saving fixed deposit (FD) with Axis Bank

The minimum amount required to open an income-tax saving fixed deposit (FD) with Axis Bank is Rs 100, according to bank's official website- axisbank.com.