Earn more with Fixed Deposit
Deposit your surplus money for a period of 1 year to 10 years and receive safe and guaranteed returns on your investment. Also, save tax by investing in tax saving FDs
Let your money work for you
A fixed deposit is beneficial for tax purposes when you invest in a tax saving FD schemes. Check out few best options below.
CALCULATE YOUR FD
- Half Yearly
- At Maturity
BENEFITS OF FD
- FD can be used as collateral for taking loans. You can take up to 80-90% loans on your FD amount
- The depositor can choose to transfer the amount at the time of maturity for a further Fixed Deposit.
- The money can be deposited only once. Once deposited, withdrawal of money from the account will accrue a penalty.
- FD schemes are good investment tools for those who have surplus funds and want to earn money from it.
TAX BENEFITS ON FD
Similar to other personal tax-saving and investment instruments, Fixed Deposits schemes also attract taxes. A TDS of 10% is deducted on the returns accrued from an FD if the total interest exceeds Rs. 10,000 in a single financial year.
Let’s compare this to the SIP scheme and you can see that SIPs are more beneficial for the long term. Since long-term gains from equity are tax-free, any SIP which invests in ELSS (Equity Linked Mutual Funds) is also tax-free after one year.