80C Tax savings 5 years Fixed Deposit Interest Rates

In a few weeks most of salaried people have to submit their tax saving investment proofs and this is the time when we all rush to make our investments. Also with stock markets in doldrums for the year a lot of you might be interested in fixed deposits. I have compiled the prevailing interest rates offered by banks & institutions which are eligible for tax deduction under section 80 C of income tax.

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The highlights of the scheme are as follows :

• Deposits are accepted for a period of 5 years only
• Interest rate as applicable from time to time for 5 years to term deposits. Senior citizens are entitled for additional interest as applicable.
• Depositor can opt for either cumulative or non-cumulative way of crediting periodical interest.
• Depositor gets benefit U/s.80C of the Income Tax Act. 1961
• Minimum deposit is Rs.100 and in multiples thereof
• Maximum deposit in a Financial Year Rs.1,00,000/- [i.e., 1 st April to 31 st March of the following calendar year]
• Deposits cannot be withdrawn prematurely
• Deposits cannot be pledged to secure loan or as security

We have tried to keep interest rates up to date, but as these change frequently you are advised to check with the bank before investing. Also it would be great if you can point out any errors!