Its Tax Saving Season and all financial institutions are trying to en-cash this opportunity. If you are risk averse then five year tax saving deposit is one of the best avenues to save tax.
UCO bank in its advertisement has published its annual yield, but has conveniently ignored to print the actual interest offered. I am sure it would confuse a lot of investors.
For records UCO Tax Saver Deposit Scheme offers 8.75% to general public while 9.25% to Senior Citizens and its staff and ex-staff members.
SBI too advertised its tax saving deposit annual yield at 17.39% for Senior citizens and 16.64% for general public, while the actual interest rate on offer was 9% for senior citizens and 8.5% for all others.
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This is kind of miss-selling and you should be careful of such advertisements. If you are interested in Tax Saving fixed deposit the you can look here for best Income Tax Saving Fixed deposit rates.
Here is advertisement from UCO Bank: