What SBI, PNB, HDFC Bank, ICICI Bank, and Post Office are offering in tax saving 5-year FD

Know the best interest rates for tax-saving 5-year fixed deposits offered by major banks like SBI, PNB, HDFC Bank, ICICI Bank, and the Post Office. Also, discover how these secure investment options can provide tax benefits while ensuring guaranteed returns. Compare rates for general customers and senior citizens to make clearer investment decisions.

ZeeBiz WebTeam | Sep 20, 2024, 02:52 PM IST

Tax-Free FD Interest Rates: Many investors still include Fixed Deposit (FD) schemes in their portfolios due to their security and guaranteed returns. You can choose FDs from both banks and post offices, with various tenures available. Generally, FDs do not provide tax benefits, but if you invest in a 5-year FD or longer, you can enjoy tax advantages. This is known as a Tax-Saving FD. If you’re considering this investment option, know where you can find the best interest rates.

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SBI

SBI

At SBI, general customers receive an interest rate of 6.50 per cent on tax-saving FDs, while senior citizens enjoy a higher rate of 7.50 per cent.

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PNB

PNB

In PNB, general citizens can earn 6.50 per cent interest on 5-year tax-saving FDs, while senior citizens receive 7 per cent. For FDs with a tenure of 5 years to 1894 days, the same rates apply. However, for FDs with a tenure of 1895 days, the interest drops to 6.35 per cent for general citizens and 6.85 per cent for senior citizens. For tenures from 1895 days to 10 years, the interest rates revert to 6.50 per cent for general customers and 7 per cent for seniors.

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HDFC Bank

HDFC Bank

HDFC Bank offers 7 per cent interest for general customers and 7.50 per cent for senior citizens on FDs up to 5 years. These rates are also applicable for FDs ranging from 5 years to 10 years.

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ICICI Bank

ICICI Bank

At ICICI Bank, both general customers and senior citizens can earn 7 per cent and 7.50 per cent interest, respectively, on 5-year FDs.

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Post Office

Post Office

In the Post Office scheme, the interest rate on a 5-year FD is 7.50 per cent.

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