Punjab News Network

Optimize Your Earnings: The Top 10 Banks That Provide Up To 7% Interest On Tax-Saving Fixed Deposits

<p>1. Leaders in the Private Sector (Axis, HDFC, and ICICI Banks)<br />
Rates of Interest: Growth of up to 7%: In five years, an investment of Rs 1.5 lakh would increase to Rs 2.12 lakh.</p>
<p><img decoding=”async” class=”alignnone wp-image-376354″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-optimize-your-earnings-the-top-10-banks-that-provide-up-to-7-interest-on-tax-savin.jpg” alt=”theindiaprint.com optimize your earnings the top 10 banks that provide up to 7 interest on tax savin” width=”1074″ height=”605″ title=”Optimize Your Earnings: The Top 10 Banks That Provide Up To 7% Interest On Tax-Saving Fixed Deposits 12″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-optimize-your-earnings-the-top-10-banks-that-provide-up-to-7-interest-on-tax-savin.jpg 600w, https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-optimize-your-earnings-the-top-10-banks-that-provide-up-to-7-interest-on-tax-savin-390×220.jpg 390w, https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-optimize-your-earnings-the-top-10-banks-that-provide-up-to-7-interest-on-tax-savin-150×85.jpg 150w” sizes=”(max-width: 1074px) 100vw, 1074px” /></p>
<p>2. Interest Rates at Canara Bank: Up to 6.7% Growth: An investment of Rs 1.5 lakh would yield Rs 2.09 lakh in five years.</p>
<p>3. Interest rates offered by Bank of Baroda and State Bank of India (SBI): 6.5% or more of the other banks in this bracket: Indian Union Bank and Punjab National Bank<br />
Development: In five years, an investment of Rs 1.5 lakh would increase to Rs 2.07 lakh.</p>
<p>4. Interest Rates at Indian Banks: Up to 6.25% Growth: An investment of Rs 1.5 lakh would yield Rs 2.05 lakh in five years.</p>
<p>5. Interest Rates at Bank of India: Up to 6% Growth: An investment of Rs 1.5 lakh would yield Rs 2.02 lakh in five years.</p>
<p>It’s clear that Axis Bank, HDFC Bank, and ICICI Bank are the private banks with the most attractive interest rates, reaching up to 7%, and guaranteeing a healthy increase of Rs 2.12 lakh on an investment of Rs 1.5 lakh over a five-year period.</p>
<p>With interest rates as high as 6.7%, Canara Bank tops the public sector bank market. State Bank of India (SBI) and Bank of Baroda are next, both giving interest rates as high as 6.5%. In five years, investors in these banks may anticipate their Rs 1.5 lakh investment to increase to between Rs 2.09 and Rs 2.07 lakh.</p>
<p>Regarding the Indian Bank and Bank of India, which have interest rates of 6.25% and 6%, respectively, the growth estimates for the same time are between Rs 2.05 and Rs 2.02 lakh.</p>
<p>Importantly, investments in fixed deposits up to Rs 5 lakh are guaranteed by the RBI subsidiary Deposit Insurance and Credit Guarantee Corporation (DICGC).</p>
<p>Financial experts advise assessing your risk tolerance, financial objectives, and the investment tenure prior to making a choice as the deadline draws near. Even if private banks now provide the lowest interest rates, each person’s tastes and financial plans are unique. To ensure that your tax-saving investments are in line with your overall financial strategy, it is recommended to speak with a financial counselor.</p>
<p>Before making any investment choices, investors are advised to verify the most recent interest rates, since they are subject to change. Making wise decisions on tax-saving investments as the end of the fiscal year draws near may help you ensure your financial future in addition to maximizing your earnings.</p>