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Only 21 days left to save tax in March 2025: Check 21 fixed deposit options from SBI to HDFC Bank, and more
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3 min read | Updated on March 10, 2025, 12:25 IST
SUMMARY
While there are several investment options under section 80C for tax-saving, five-year fixed deposits in banks and post offices are one of the most popular among them. In a five-year FD, your funds are locked-in for five years. And the interest rate offered by banks and the post office range from 6-7.25% for general citizens and 7.5-8% for senior citizens.
The last date to make tax-saving fixed deposit investment for FY 2024-25 is March 31. | Image source: Shutterstock
All eyes are on tax-saving investments as the deadline to do so for financial year 2024-25 is just 21 days away. Taxpayers opting for the old tax regime can save tax on up to ₹1.5 lakh income by making investments in schemes that are approved for deduction under section 80C.
In a five-year FD, your funds are locked-in for five years. And, the interest rate offered by banks and the post office range from 6-7.25% for general citizens and 7.5-8% for senior citizens.
The following is a list of 5-year tax-saving fixed deposits offered by 21 financial institutions, including the post office, and their interest rates for both senior and general citizens.
21 five-year tax saving fixed deposit options
| S. No. | Bank | General Citizen FD Rate | Senior Citizen FD Rate |
|---|---|---|---|
| 1 | State Bank of India | 6.50% | 7.50% |
| 2 | HDFC Bank | 7% | 7.50% |
| 3 | ICICI Bank | 7% | 7.50% |
| 4 | Post Office | 7.50% | 7.50% |
| 5 | Bank of Baroda | 6.80% | 7.40% |
| 6 | Punjab National Bank | 6.50% | 7% |
| 7 | Kotak Mahindra Bank | 6.20% | 6.70% |
| 8 | Bank of India | 6% | 6.50% |
| 9 | Central Bank of India | 6.75% | 7.25% |
| 10 | Bandhan Bank | 7% | 7.50% |
| 11 | RBL Bank | 7.10% | 7.60% |
| 12 | IndusInd Bank | 7.25% | 7.75% |
| 13 | Axis Bank | 7% | 7.75% |
| 14 | IDBI Bank | 6.50% | 7% |
| 15 | IDFC First Bank | 6.75% | 7.25% |
| 16 | Bank of Maharashtra | 6.50% | 7% |
| 17 | Karnataka Bank | 6.50% | 7% |
| 18 | South Indian Bank | 6% | 6.50% |
| 19 | UCO Bank | 6.20% | 6.70% |
| 20 | Union Bank of India | 6.50% | 7% |
| 21 | Yes Bank | 7.25% | 8% |
Source: Respective bank's website as of March 10, 2025.
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