BusinessWire India
Bangalore (Karnataka), India, March 20: Tax-Saving Fixed Deposits are attracting considerable attention from investors looking for greater returns and tax benefits. The high-interest rates provided by banks along with their reliability in protecting investor capital enhance this appeal. Compared to regular savings accounts, these deposits have superior prospects for generating interest income. Additionally, investments in fixed deposits qualify for deductions under Section 80C of the Income Tax Act of 1961. Investors may claim up to an annual limit of Rs. 1.5 lakhs through contributions made towards such tax-saving fixed deposit accounts.
What do you think about how it works?
• Secure financial choice: The bank’s fixed deposit scheme is highly trusted because it is overseen by the Reserve Bank of India and protected under the DICGC insurance program. This ensures investor safety, allowing individuals to feel confident about safeguarding their money.
* High Returns: A Tax-Saving Fixed Deposit presents an appealing investment choice for those aiming to lower their taxable income while securing a substantial financial gain. These deposits usually offer interest rates between 7-8% annually when locking up funds worth up to Rs. 1.5 lakhs over a period of five years. At the end of this term, investors can effortlessly withdraw both principal and accumulated interest upon maturity.
* Lump sum amount: Investors can contribute a total sum at once, making this a hassle-free method for investment.
* Tax Savings Option: To qualify for tax benefits, you must invest for a minimum of five years; however, this period may be extended as desired. Interest accrued from fixed deposits will have TDS applied. According to Section 80C of the Income Tax Act of 1961, individuals can claim an annual deduction on their taxable income up to Rs. 1,50,000.
* Simple procedure: Opening a Tax Saving FD requires only a straightforward process where investors merely need to provide copies of their PAN card and Aadhar card.
Why put money into Ujjivan Tax Savings Deposits?
Ujjivan Small Finance Bank offers an array of liability products tailored to different customer segments. Their Tax Saver Fixed Deposit has gained popularity among individuals looking to lower their tax liabilities while achieving better returns compared to those offered by other banks. The bank provides a competitive interest rate of 7.2% annually. However, to benefit from this attractive return, investors must lock in their funds for a period of five years.
Thanks to its appealing interest rates, reliability, and security, this makes it a great choice for individuals looking to lessen their tax liabilities while boosting their investment earnings.
(ADVERTORIAL DISCLOSURE: The aforementioned press release has been supplied by BusinessWire India ANI shall not bear any responsibility for the content thereof.
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