The lock-in period is 5 Years from the date of deposit.

Maximum amount allowed for a financial year is Rs.

The minimum amount for the tax saving FD is Rs.

HDFC Tax Saving FD Interest Rate 2023 Type of Depositor Hence, while investing in a tax saving FD an investor must consider the liquidity of this investment. The HDFC Tax Saving FD has a lock-in period unlike other fixed deposits of 5 years. Section 80C allows a tax deduction of Rs 1.5 lakhs for an investment in a tax saving fixed deposit.

With an investment in an HDFC Tax Saving FD, you can save income tax under section 80C of the Income Tax Act, 1961. HDFC Tax Saving FD is a type of fixed deposit that provides the benefits of investing in an FD along with tax saving.

Who Can Invest in the HDFC Tax Saving FD?.

On contrary, the MSSC offers 0.50-1 per cent higher interest than the top bank FDs, the publication Livemint quoted Archit Gupta, founder and CEO, Cleartax as saying.

SBI offers 6.75 per cent for a 2-year deposit, Axis Bank FDs give 7.26 per cent, HDFC bank FDs offer 7 per cent, ICICI Bank FDs is 7 per cent, and Kotak Bank FDs is 6.75 per cent. The tenor of the Mahila Samman Savings Certificate is two years. Top lenders in the country, including State Bank of India (SBI), Axis Bank, HDFC, ICICI, and Kotak Bank, provide interest rate on bank FDs from the range of 3 per cent- 6.35 per cent depending on the term. However, the taxation structure of the scheme is not known yet.ĪLSO READ: New Leave Encashment Rule: Non-Govt Employees To Gain Rs 20,000 Per Year, Says Revenue Secretary () Mahila Samman Savings Certificate (MSSC) vs Bank FDs Also, note that small savings schemes qualify for significant tax benefits under Section 80C of the Income Tax Act. There is a partial withdrawal option in the Mahila Samman Saving Certificate scheme. This scheme will offer a deposit facility for a tenor of 2 years at a fixed interest rate of 7.5 per cent. Mahila Samman Savings Certificate is available for a two-year period up to March 2025. The maximum deposit amount under the scheme is Rs 2 lakh. One can deposit money in the name of a woman or a girl child. Mahila Samman Saving Certificate: Know Eligibility, Tenure & Amount With an aim to empower women, Finance Minister Nirmala Sitharaman in Budget 2023 launched a one-time small savings scheme for women investors known as the Mahila Samman Savings Certificate (MSSC).

Hdfc fixed deposit interest certificate