Which scheme is best for tax saving?
Investment options under Sec 80C
| Investment | Returns | Lock-in Period |
|---|---|---|
| National Pension System (NPS) | 12% to 14% | Till Retirement |
| ELSS Funds | 15% to 18% | 3 years |
| Unit Linked Insurance Plan (ULIP) | Varies with Plan Chosen | 5 years |
| Sukanya Samriddhi Yojana (SSY) | 7.60% | N/A |
What is the interest rate for tax saving FD in Axis Bank?
5.75%
Axis Bank Tax Saver FD: Features
| Interest Rate | Tenure | Investment Amount |
|---|---|---|
| 5.75% for regular depositors and 6.25% for senior citizens | 5 years | From Rs.100 to Rs.1.5 lakh |
Which scheme is tax free?
Listed below are tax free investments that meet a variety of needs and financial goals:
| Sr No. | Best Tax Free Investments | Tax Benefits |
|---|---|---|
| 1. | Life Insurance | Under Section 80C and Section 10(D) |
| 2. | PPF (Public Provident Fund) | Under Section 80C and Section 10(D) |
| 3. | NPS (New Pension Scheme) | Under Section 80CCD |
| 4. | Pension | Under Section 80CCC |
Is 3 year FD tax free?
One can claim an income tax deduction by investing money in a five-year FD scheme under Section 80C of the Income Tax Act, 1961….Comparison With Other Tax-Saving Investments.
| Investment Type | ELSS Funds |
|---|---|
| Returns | 12% to 15% |
| Lock-in Period | 3 years |
| Tax on Returns | Partially Taxable |
Are 5 years FD tax free?
One can claim an income tax deduction by investing money in a five-year FD scheme under Section 80C of the Income Tax Act, 1961….Comparison With Other Tax-Saving Investments.
| Investment Type | 5-Year Bank Fixed Deposit |
|---|---|
| Returns | 5% to 7% |
| Lock-in Period | 5 years |
| Tax on Returns | Yes |
How much amount FD interest is tax free?
Banks or post offices deduct tax or TDS when the aggregate interest income on all fixed deposits exceeds Rs 40,000 per financial year. The limit is Rs 50,000 in case of senior citizens.
How much can I invest in tax saver from Axis Bank?
Get attractive interest rates on your lump sum investment as well as the benefit of tax saving with Axis Bank’s Tax Saver Fixed Deposit. Invest from a minimum amount of Rs. 100 to a maximum of Rs. 1,50,000. The Tax Saving Fixed Deposit comes with 3 options.
What is the minimum deposit for Axis Bank senior citizen saving scheme?
Senior Citizen Saving Scheme Axis Bank offers a significantly high-interest rate when compared to other investments options of similar nature. The most notable features of this scheme include – Minimum deposit amount for this scheme is Rs.1000, and the maximum deposit is capped at Rs.15 lakh. Deposits can be made only in multiples of Rs.1000.
Which is the lock in period for Axis Bank tax Saver fixed deposit?
The tax saver fixed deposits offered by Axis Bank do not allow for premature withdrawal and hence the lock in period of this scheme is 5 years so as to enable it to fall under tax exemption. The deposit will reach maturity in 5 years as well.
What is the interest rate of Axis Bank?
During the scheme’s tenure, the interest rate will continue to be the same as it was when the corpus was invested. For instance, if the deposit under Senior Citizen Savings Scheme Axis Bank is made in August 2020, the rate of interest will remain 7.4% till August 2025.