Personal Finance News

Best interest rates on tax-saving deposits with DCB Bank and Yes Bank

Time has come for the year when salaried employees get confused with the last-minute tax saving investments. A very good news for the salaried-employees is on the way with the new year 2021.

Investment decisions are very crucial to make because it takes a thorough analysis regarding financial goals which come up with last minute rush.

However, a five-year-tax saving FDs offers a certain relief for the investors or the salaried employees. FDs save investors from the risk of investing in the lump-sum amount in the ELSS.

FDs or fixed deposits are more preferable as they come up with a fixed return especially for those in lower tax brackets.

To further add on, FDs also bring the tax deduction benefit from section 80C. To continue with this rally, now leading banks are coming up with very lucrative deals on fixed deposits.

Although, FD rates have fallen down to lower levels but meanwhile there are also some banks offering very attractive interest rates.

Small private banks are offering interest rates up to 6.75 percent on tax saving term deposits.

Among these banks DCB Bank and Yes Bank are the topmost banks in the list. However, IndusIND bank, RBL and City Union Bank are offering 6.5% to 6% of interest rate respectively.

These rates are slightly higher than the other public sector banks like the Union Bank, Canara Bank, SBI etc. with the highest rate up to 5.55%.

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