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.
| 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!
80C Tax savings 5 years Fixed Deposit Interest Rates,
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