BusinessWire India
Bangalore (Karnataka), India — Mar 20: Tax-Saving Fixed Deposits have become increasingly popular among investors looking for both higher returns and tax benefits. The high-interest rates provided by banks along with their reliability in protecting investors' money add to their appeal. When compared to regular saving accounts, these deposits present greater opportunities for accruing interest. Additionally, investments in fixed deposits qualify for deductions under Section 80C of the Indian Income Tax Act of 1961. Investors may deduct up to ₹1.5 lakhs annually through such tax-saving fixed deposit schemes.
What do you think about how it works?
• Secure financial choice: The bank’s fixed deposit scheme is highly esteemed for reliability because it is overseen by the Reserve Bank of India and protected under the DICGC insurance program. Consequently, investors can feel confident knowing their money is safeguarded.
* Attractive Returns: A Tax-Saving Fixed Deposit presents a compelling investment choice for those aiming to decrease their taxable income while securing a substantial financial gain. These deposits usually offer interest rates between 7-8% annually when locking up funds worth up to Rs. 1.5 lakhs over a period of five years. Once matured, these investments can be withdrawn along with accrued interests without hassle.
* Lump sum amount: Investors can contribute a total sum at once, making this a user-friendly investment method.
* Tax Savings Option: To qualify for tax benefits, you must maintain your investments for a minimum of five years; however, extending this period is possible. Interest accrued from fixed deposits will have TDS applied. According to Section 80C of the Indian Income Tax Act of 1961, investors may claim an annual deduction of up to Rs. 1,50,000.
* Simple procedure: Opening a Tax Saving Fixed Deposit is straightforward; investors only require a copy of their PAN card and Aadhaar card.
Why consider investing in Ujjivan Tax Saving Deposits?
Ujjivan Small Finance Bank offers various liability products tailored to different customer segments. Their Tax Saver Fixed Deposit has gained popularity among people looking to lower their tax liabilities while earning better returns compared to those offered by other banks. The bank provides an attractive interest rate of 7.2% annually. However, to benefit from this competitive return, investors must lock in their funds for a period of five years.
Thanks to its appealing interest rates, reliability, and security, this makes it a great choice for individuals looking to lower their taxes while boosting their investment earnings.
(ADVERTORIAL DISCLOSURE: The aforementioned press release has been supplied by BusinessWire India ANI will not bear any responsibility for the content thereof).
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