Offers
Rates
V-KYC
Debit Card Related
Credit Card Related
SA Welcome Kit 
Manage Mandate(s)
Get Mini Statement
categories
Bloggers
Blog collection
Press Release
Why Should You Opt for A Tax Saver Fixed Deposit?
Posted on Monday, June 26th, 2023 | By IndusInd Bank
A tax saver fixed deposit offers the advantage of tax benefits while ensuring steady returns. This secure investment avenue allows individuals to save on taxes and grow their wealth effectively. Open a tax-saving fixed deposit account with IndusInd Bank today.
While it is important to pay taxes as law-abiding citizens, it is just as essential to plan our taxes effectively to maximise our financial resources and save as much as possible. One reliable solution for individuals seeking to increase their wealth while minimising their tax liability is to consider tax saver fixed deposits. This strategic choice helps lower taxable income and develop a disciplined approach towards saving money, leading to a financially secure future.
What Is a Tax Saver Fixed Deposit?
A tax saver fixed deposit is a financial instrument that offers individuals the advantage of earning fixed returns on their investments and enjoying tax benefits. It is a special type of fixed deposit offered by banks and financial institutions that enables investors to avail of tax deductions under Section 80C of the Income Tax Act. By investing in a tax saver fixed deposit, individuals can claim deductions of up to Rs 1.5 lakh per year on their taxable income.
Features Of Tax Saver Fixed Deposits
Tax saver fixed deposits offer several notable features, including:
| Lock-in Period | Tax saver fixed deposits have a mandatory five-year lock-in period. |
| Premature Withdrawal | Tax saver fixed deposits do not come with the option of premature withdrawals, overdrafts, or loan facilities. |
| Interest Rates | Tax-saving FD interest rates remain unchanged throughout the tenure |
| Automatic Renewal | Tax saver fixed deposits do not provide an option for automatic renewal. |
| Tax Exemption | With tax saver fixed deposits, individuals can claim an income tax exemption of up to Rs. 1.5 lakh in a year. |
| Taxable Interest | The interest earned from tax saver fixed deposits is subject to tax and is deducted at the source. |
| Account Holding Mode | Tax saver fixed deposits can be opened as a single or a joint account. It’s crucial to remember that with a joint deposit, only the primary account holder is qualified for tax benefits. |
Benefits Of Investing in an IndusInd Bank Tax Saver Fixed Deposit
IndusInd Bank’s tax saver fixed deposit is an excellent investment option for individuals seeking tax savings and wealth growth. Here are the key benefits of opting for an IndusInd Bank tax saver fixed deposit:
- Convenient Online Booking: Book your fixed deposit online in three simple steps. Share your Aadhar and PAN details, complete a quick video KYC verification process, and proceed to book a fixed deposit of the desired amount.
- Attractive Interest Rates: Enjoy best-in-class tax-saving FD interest rates.
- Flexible Interest Payment Options: IndusInd Bank offers multiple options for receiving interest pay-outs, allowing you to choose from among monthly, quarterly, half-yearly, yearly, or at maturity, based on your preferences.
- Market-Independent Returns: The returns on your fixed deposit are unaffected by market fluctuations, giving your savings a stable and predictable growth trajectory.
- Tax Savings: By opting for a 5-year tax saver fixed deposit, you can save on taxes while securing your financial future.
Secure your savings and unlock maximum tax benefits with a tax saver fixed deposit with IndusInd Bank today!
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
