Tax-Saving 5-Year Fixed Deposits: What interest rates are SBI, PNB, HDFC Bank, ICICI Bank and Post Office offering now?
Are you considering investing your money in 5-year fixed deposits? If so, be sure to compare the interest rates for regular customers and senior citizens at leading banks such as SBI, PNB, HDFC Bank, ICICI Bank, and the Post Office, so you can make an informed investment choice.
Maximize Your Savings with Tax-Saving Fixed Deposits: There are many investment options available in the market, however, Fixed Deposit (FD) remains a popular choice for many investors due to its safety and assured returns. While standard FDs generally do not offer tax benefits, investing in 5-year FDs is eligible for tax benefits under Section 80C of the Income Tax Act.
Tax-Saving 5-Year Fixed Deposits
If you’re considering this investment option, then take a look at the best interest rates currently available from major banks and the Post Office.
SBI (State Bank of India)
SBI offers an attractive interest rate of 6.50 per cent for general customers on tax-saving FDs, while senior citizens can benefit from a higher rate of 7.50 per cent.
PNB (Punjab National Bank)
At PNB, general customers earn 6.50 per cent interest on 5-year tax-saving FDs, while senior citizens receive 7.00 per cent.
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HDFC Bank
HDFC Bank provides a 7.00 per cent interest rate for general customers and 7.50 per cent for senior citizens on FDs up to 5 years. This rate also applies to FDs with tenures ranging from 5 to 10 years.
ICICI Bank
ICICI Bank matches the rates of HDFC Bank, offering 7.00 per cent for general customers and 7.50 per cent for senior citizens on their 5-year FDs.
Post Office
The Post Office scheme currently offers a robust interest rate of 7.50 per cent for a 5-year FD, making it an attractive option for conservative investors.