Tax Savings on Fixed Deposit

Tax Saving FD

Tax saver FDs are a special type of deposit scheme under which on can get a tax exemption of up to Rs. 1.5 lakh under Section 80C of the Income Tax Act, 1961. Some of the features of tax-saving FDs are:

1. This account has a lock-in period of a minimum of 5 years
2. Premature withdrawal or partial withdrawal option is not provided
3. Loans facility against FDs is not available