80C Tax savings 5 years Fixed Deposit Interest Rates

In a few weeks most of salaried people have to submit their tax saving investment proofs and this is the time when we all rush to make our investments. Also with stock markets in doldrums for the year a lot of you might be interested in fixed deposits. I have compiled the prevailing interest rates offered by banks & institutions which are eligible for tax deduction under section 80 C of income tax.

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Banks Interest Rate (p.a.) Type of Bank
General Senior Citizens
Tamilnad Mercantile Bank 10.00% 10.25% Private Sector Bank
IDBI Bank 9.50% 10.00% Public Sector Bank
State Bank Of Travancore 9.50% 10.00% Public Sector Bank
South Indian Bank 9.50% 10.00% Private Sector Bank
Oriental Bank of Commerce 9.50% 9.75% Public Sector Bank
City Union Bank 9.50% 9.50% Private Sector Bank
State Bank of Bikaner and Jaipur 9.30% 9.80% Public Sector Bank
Corporation Bank 9.25% 10.05% Public Sector Bank
United Bank Of India 9.25% 10.00% Public Sector Bank
State Bank Of India 9.25% 9.75% Public Sector Bank
Karnataka Bank 9.25% 9.75% Private Sector Bank
Catholic Syrian Bank 9.25% 9.75% Private Sector Bank
Syndicate Bank 9.25% 9.75% Public Sector Bank
UCO Bank 9.25% 9.75% Public Sector Bank
Mahanagar Co-op Bank 9.25% 9.25% Private Sector Bank
Central Bank Of India 9.09% 9.59% Public Sector Bank
Punjab and Sind Bank 9.05% 9.55% Public Sector Bank
Indian Bank 9.00% 9.75% Public Sector Bank
Indian Overseas Bank 9.00% 9.75% Public Sector Bank
Karur Vysya Bank 9.00% 9.50% Private Sector Bank
Jammu & Kashmir Bank 9.00% 9.50% Private Sector Bank
Andhra Bank 9.00% 9.50% Public Sector Bank
ING Vysya Bank 9.00% 9.50% Private Sector Bank
Lakshmi Vilas Bank 9.00% 9.25% Private Sector Bank
Bank Of Baroda 9.00% 9.00% Public Sector Bank
Canara Bank 9.00% 9.00% Public Sector Bank
Dena Bank 8.75% 9.25% Public Sector Bank
ICICI Bank 8.75% 9.25% Private Sector Bank
State Bank Of Hyderabad 8.75% 9.25% Public Sector Bank
Vijaya Bank 8.75% 9.25% Public Sector Bank
Abhyudaya Co-operative Bank 8.75% 9.00% Public Sector Bank
State Bank Of Mysore 8.50% 9.00% Public Sector Bank
Nainital Bank 8.50% 9.00% Private Sector Bank
Allahabad Bank 8.50% 8.50% Public Sector Bank
Bank Of Maharashtra 8.30% 8.80% Public Sector Bank
Axis Bank 8.25% 9.25% Private Sector Bank
HDFC Bank 8.25% 8.75% Private Sector Bank
Dhanalakshmi Bank 8.25% 8.25% Private Sector Bank
Maharashtra State Co-op Bank 8.00% 8.50% Co-operative bank
Thane Janata Sahakari Bank 8.00% 8.50% Co-operative bank
The Shamrao Vithal Co-op Bank Ltd 8.00% 8.00% Co-operative bank
Dombivli Nagari Sahakari Bank 8.00% 8.00% Co-operative bank
The Ratnakar Bank 7.75% 8.25% Co-operative bank
IndusInd Bank 7.75% 8.25 Private Sector Bank
Nutan Nagarik Sahakari Bank 7.50% 8.25% Co-operative bank
SBI Commercial and International Bank 7.50% 8.00% Public Sector Bank
Nkgsb Co-op Bank 7.25% 7.25% Public Sector Bank
Greater Bombay Coop Bank 7.00% 7.50% Co-operative bank

The highlights of the scheme are as follows :

  • Deposits are accepted for a period of 5 years only
  • Interest rate as applicable from time to time for 5 years to term deposits. Senior citizens are entitled for additional interest as applicable.
  • Depositor can opt for either cumulative or non-cumulative way of crediting periodical interest.
  • Depositor gets benefit U/s.80C of the Income Tax Act. 1961
  • Minimum deposit is Rs.100 and in multiples thereof
  • Maximum deposit in a Financial Year Rs.1,00,000/- [i.e., 1 st April to 31 st March of the following calendar year]
  • Deposits cannot be withdrawn prematurely
  • Deposits cannot be pledged to secure loan or as security

We have tried to keep interest rates up to date, but as these change frequently you are advised to check with the bank before investing. Also it would be great if you can point out any errors!

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