Tax saving Fixed Deposit (Tamil): 10 things, you must know | 5 year FD | Tax benefit | Saving scheme

Tax saver fixed deposit is a type of deposit scheme in which you can get tax deduction under section 80C of the Indian Income Tax Act, 1961. Any investor who makes an investment in tax saver FDs can claim a deduction on the investment amount up to Rs 1.5 lakh.

Also, investors can nominate/authorize someone to withdraw the deposit amount before or post maturity in the event of their demise.

It might sound a bit different but tax-saving FDs are the same as any other bank fixed deposits as the maturity amount (principal amount + FD Interest) is credited directly to your bank account.

The Lock-in period of these deposits is 5 years.

However, the interest earned from these types of FD schemes is taxable. Watch this Tamil video to know about tax saving Fixed Deposit and the 10 important things, you must know about this 5 year FD to get the tax benefit.

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