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Best tax-saving FDs: Here is a look at 5 banks offering the highest interest rates on tax-saving FDs.

ICICI Bank tax-saving FD: ICICI Bank offers 7% interest on tax saving fixed deposit for general citizens and 7.50% for senior citizens. The minimum deposit limit for a Tax Saver FD is Rs 10,000 and the maximum is Rs 1,50,000.

Fixed Deposit Calculation: Be it a cumulative FD where the interest is paid at the time of maturity or a non-cumulative FD where the interest is paid periodically, you have to pay tax on the interest income of your fixed deposit every financial year. This interest is taxable as per the tax bracket of the investors. Is there a way senior citizens can earn tax-exempted returns from tax-saving FD? How much should a senior citizen invest? ET Wealth Online explains

Tax saving fixed deposit provides a tax deduction under Section 80C of the Income Tax Act, 1961 of up to Rs 1.5 lakh annually. Here is a look at the interest rates offered by private and public sector banks on five-year tax-saving FDs.

Opting for tax-saving schemes such as PPF, FD, SSY, SCSS, and NSC can represent an intelligent approach to accumulating wealth for your future, accompanied by substantial tax advantages.