Tax Saving Investments: The financial year 2021-22 is going to end. Many people are engaged in tax planning. Investing is being done in different schemes to save tax. If you also want to invest for tax saving, then IDBI Bank has a fixed deposit (FD) scheme. In this scheme, you will not only get good returns but also get the benefit of tax exemption. This scheme has been named ‘Suvidha Tax Saving Fixed Deposit Scheme’. This FD is for 5 years.
To open an account in Suvidha Tax Saving Fixed Deposit Scheme, you can apply by visiting your nearest IDBI Bank branch. Anyone can invest in this scheme. The maturity period is 5 years. On completion of 5 years, you get a lump sum amount. You can invest up to Rs 1.50 lakh in this FD for 5 years.
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What is the benefit of the scheme
You can claim tax exemption under section 80C of the Income Tax Act, 1961 on the amount deposited in IDBI Bank Suvidha Tax Saving Fixed Deposit Scheme. In this scheme you can get tax exemption on Rs.1.5.
You can also take a loan against the amount deposited in this scheme. With very simple paperwork, you can apply for a home loan, personal loan or education loan.
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IDBI Bank is currently offering an interest rate of 5.50 per cent on the five-year Suvidha Tax Saving Fixed Deposit. The interest rate for senior citizens is 6 percent.
Tags: IDBI Bank, investment scheme, Investment tips, Tax saving
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