Like any other Indian middle-class individual, Mehul also grew up learning the importance of savings and investment. So when he hit the one-year mark at his first job, he decided it was finally time to start investing in a fixed deposit account with IndusInd Bank to meet his long-term financial needs. He would be earning attractive FD interest rates and stable returns over time, and he might even be able to afford his dream ride with these funds!<\/p>\n\n\n\n
However, what he doesn’t know is that he has the option of investing in a tax-saving FD and saving up to Rs. 46,800 on his investment. How? Here’s all you need to know about FD tax-saving investments <\/strong>and their features.<\/p>\n\n\n\n For most taxpayers seeking profitable investment avenues, income tax saving <\/strong>is a top priority. A fixed deposit<\/a> account with tax saving options allows tax deductions under section 80C of the Income Tax Act 1961. An individual investor or a HUF can claim tax savings of up to 1.5 lakhs per annum on their tax-saving fixed deposit account.<\/p>\n\n\n\n Moreover, you will have to invest your funds for a minimum of 5 years to enjoy the tax benefits and earn attractive returns. With IndusInd Bank, you can invest your funds at a higher tax-saving FD interest rate of upto 7.0%* for individuals and 7.75%* for senior citizens.<\/p>\n\n\n\n Investing in a tax saver FD by IndusInd Bank allows you to build significant returns and save on income tax over the FD tenure. Here are some of the key features of IndusInd Bank FD with tax saving options-<\/p>\n\n\n\n You have to invest in a tax-saving FD for a lock-in period of 5 years. While a premature withdrawal facility is not allowed on this FD account, you can enjoy regular interest payout for maximum returns.<\/p>\n\n\n\n When you invest in a tax saving scheme fixed deposit, the interest you earn is taxable and deducted at source.<\/p>\n\n\n\n Much like a regular FD investment, you can also choose when you will receive the interest under a tax-saving fixed deposit. Depending on your needs and financial goals, IndusInd Bank offers flexible interest payment options of monthly, quarterly, half-yearly, yearly or at-maturity payouts.<\/p>\n\n\n\n What’s more, you can even choose to reinvest the interest income in the principal amount for a determined period.<\/p>\n\n\n\nWhat is a Tax-Saving FD?<\/strong><\/h2>\n\n\n\n
Features of IndusInd Bank Tax Saving Fixed Deposit<\/strong><\/h2>\n\n\n\n
1. Lock-in Period<\/strong><\/h3>\n\n\n\n
2. Taxable Interest<\/strong><\/h3>\n\n\n\n
3. Convenient Interest Pay-Out Options<\/strong><\/h3>\n\n\n\n
4. Benefits for Senior Citizens<\/strong><\/h3>\n\n\n\n