Tax-Saving Fixed Deposits in India

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8of 8 profiles shown

Axis BankFixed deposit

Axis Bank Tax Saver Fixed Deposit

Axis Bank’s five-year tax-saving FD with ₹100 minimum, ₹1.5 lakh maximum, reinvestment/monthly/quarterly payout options and first-party wording already updated to Section 123 read with Schedule XV of the Income-tax Act, 2025.

First-party checked2 bank sourcesReviewed September 10, 2026

Current rate evidenceAxis publishes its domestic FD schedule effective 8 September 2026, but the parsed current first-party table in this review did not expose a safely attributable exact five-year row. The product’s live booking rate therefore remains refresh-gated instead of inferred.

Best fitEligible individuals/HUFs who want a tax-saver whose bank page already reflects the 2026 tax-law numbering and who can accept a five-year no-preclosure lock.

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Bank of BarodaFixed deposit

Bank of Baroda bob Tax Saving Fixed Deposit

Bank of Baroda’s tax-saving term deposit with RIRD, monthly-income and quarterly-income variants, ₹100 minimum, ₹1.5 lakh annual qualifying cap and a five-to-ten-year product range.

First-party checked2 bank sourcesReviewed September 10, 2026

Current rate evidenceBank of Baroda states that the product uses the prevailing fixed-deposit rate and gives eligible resident senior citizens an additional rate under current guidelines. The exact current five-year numeric row remains refresh-gated in this review.

Best fitEligible Bank of Baroda customers who want a public-sector tax saver with multiple payout variants and can verify the live prevailing five-year rate before booking.

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Canara BankFixed deposit

Canara Bank Tax Saver Scheme

Canara Bank’s five-year Tax Saver Scheme under its Fixed Deposit/Kamadhenu streams, with ₹100 minimum, ₹1.5 lakh maximum, multiple payout modes and a death exception to the normal no-preclosure rule.

First-party checked2 bank sourcesReviewed September 10, 2026

Current rate evidenceCanara’s domestic callable schedule below ₹3 crore is effective 17 March 2026; the five-years-to-ten-years rate is 6.25% p.a. general and 6.75% p.a. for eligible resident senior citizens.

Best fitEligible public-sector-bank depositors who want a low minimum tax-saving FD and value a clearly documented death exception and payout-mode choices.

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Federal BankFixed deposit

Federal Bank Tax Savings Deposit

Federal Bank’s five-year Tax Savings Deposit with ₹100 minimum, ₹1.5 lakh maximum, quarterly compounding and no normal premature withdrawal or loan facility.

First-party checked2 bank sourcesReviewed September 10, 2026

Current rate evidenceFederal states that Resident Term Deposit rates also apply to Federal Tax Savings Deposits. Under the schedule effective 17 August 2026, the above-48-months-to-10-years band is 6.40% p.a. general and 6.90% p.a. for eligible resident senior citizens.

Best fitEligible Federal Bank customers who want a five-year locked deposit whose current rate can be tied directly to Federal’s resident term-deposit schedule.

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HDFC BankFixed deposit

HDFC Bank Five-Year Tax Saving Fixed Deposit

HDFC Bank’s resident five-year tax-saving FD with a fixed statutory lock-in, ₹5,000 minimum, ₹1.5 lakh financial-year cap and monthly, quarterly or reinvestment-style interest choices under current terms.

First-party checked3 bank sourcesReviewed September 10, 2026

Current rate evidenceThe product uses HDFC Bank’s prevailing five-year deposit rate. The current sub-₹3 crore schedule applicable from 19 August 2026 places the exact five-year bucket at 6.40% p.a. general and 6.90% p.a. for eligible resident senior citizens.

Best fitEligible resident individuals or HUFs using a deduction-eligible tax regime who want a large-bank five-year locked deposit and can accept taxable interest plus no normal liquidity during the lock-in.

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ICICI BankFixed deposit

ICICI Bank Tax Saver Fixed Deposit

ICICI Bank’s fixed five-year Tax Saver FD for individuals/HUFs, with ₹10,000 minimum, ₹1.5 lakh per-PAN aggregate cap, cumulative or regular payout choices and no normal premature closure.

First-party checked3 bank sourcesReviewed September 10, 2026

Current rate evidenceICICI Bank’s current FD schedule effective 4 September 2026 places the 3-years-1-day-to-5-years bucket at 6.50% p.a. general and 7.10% p.a. senior citizen; the Tax Saver FD is fixed at exactly five years.

Best fitEligible ICICI Bank customers who want a current five-year locked deposit with clear online opening and maturity rules and can accept taxable interest.

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Kotak Mahindra BankFixed deposit

Kotak Mahindra Bank Tax Saving Fixed Deposit

Kotak Mahindra Bank’s five-year tax-saving FD starting at ₹100, capped at ₹1.5 lakh for the qualifying investment, with quarterly payout or reinvestment and no premature/partial withdrawal during the lock.

First-party checked3 bank sourcesReviewed September 10, 2026

Current rate evidenceKotak’s current domestic/NRO/NRE callable rate table is effective 10 June 2026; the five-years-and-above-to-10-years band is 6.25% p.a. general and 6.75% p.a. for eligible resident senior citizens.

Best fitEligible Kotak customers who want a low-entry tax-saving deposit and can hold for the full five-year lock-in.

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State Bank of IndiaFixed deposit

SBI Tax Savings Scheme Fixed Deposit

State Bank of India’s Tax Savings Scheme term/special-term deposit with a five-to-ten-year scheme window, ₹1,000 minimum and a ₹1.5 lakh annual qualifying ceiling.

First-party checked2 bank sourcesReviewed September 10, 2026

Current rate evidenceSBI states that the applicable rate is the prevailing Term Deposit rate for Public/Senior Citizens. The engine leaves the exact five-year numeric anchor refresh-gated because the current first-party rate page did not expose a safely attributable tax-saver five-year row in this review.

Best fitSBI customers who want a public-sector tax-saving deposit and are willing to verify the exact live five-year resident rate at booking rather than relying on an older cached rate.

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How to compare

Check the terms that can change the decision.

Category membership alone does not make products interchangeable. Recheck the bank's current controlling agreement, tariff or effective-rate table before acting.

Use current tax-law numbering

For Tax Year 2026-27 onward, legacy Section 80C references map to Section 123 read with Schedule XV of the Income-tax Act, 2025. Older bank copy can remain visible as source wording, but current law controls.

Principal deduction is not tax-free interest

The qualifying deposit amount can fall within the aggregate statutory deduction ceiling under an eligible tax regime; FD interest remains taxable and can be subject to TDS.

Five-year liquidity cost

A tax saver is a locked product. Normal premature closure, partial withdrawal, lien and loan access are commonly unavailable; death-related exceptions are modeled separately rather than treated as ordinary liquidity.

Compare the exact five-year rate

Use the current five-year rate and effective date for the exact amount/customer category. Do not rank a tax saver from the bank’s promotional maximum or a special 444/555-day rate.

Senior pricing is separate

A resident senior-citizen addition can improve the booked rate, but eligibility belongs to the exact deposit/customer state and should not be inherited by NRI or unrelated products.

₹1.5 lakh is an aggregate ceiling

The current Section 123 / Schedule XV deduction ceiling is aggregate across specified savings instruments; it is not a fresh ₹1.5 lakh deduction at every bank.

Joint holder and maturity rules differ

The deduction is generally tied to the first holder in joint deposits, while auto-renewal/maturity instructions vary by bank. Compare the product-specific maturity behavior, not only the rate.

Maintained comparisons

Head-to-head research where the trade-off is meaningful.

Pairs are curated rather than generated automatically. Each product retains its own conditions, dates and evidence.

HDFC BankHDFC Bank Five-Year Tax Saving Fixed DepositState Bank of IndiaSBI Tax Savings Scheme Fixed DepositOpen comparison