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Savings account interest rates have been on a downward trend for a long, so, in the present scenario, FDs are the best tax-saving instrument you can use for the safe keeping of your money.

tax saving pf fd and insurance tax relief

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It would help if you chose a tax-saving FD over a standard term deposit account because many banks offer tax rebates and substantial interest rate benefits on their FDs.

What are the tax savings?

What are the tax savings?

However, this amount must be invested in different instruments, including mutual funds, PPF, NSCs, etc.

The interest rate offered by PPF is comparatively lower than other investment options available in the market, but it boasts of safety

Public Provident Fund(PPF)

Public Provident Fund(PPF)

1. If you invest Rs 1 lakh and earn Rs 8,000 interest per annum, this amount will be exempt from income tax.

Tax Saving FD and Insurance Tax Relief

Tax Saving FD and Insurance Tax Relief

1. This deduction can also be used with other deductions under section 80C, such as medical insurance premium, medical expenditure, etc.

It is considered to be the safest form of investment because it offers interest rates that are fixed for some time

How do FDs help in tax savings?

How much can be saved with Insurance Tax Relief?

How much can be saved with Insurance Tax Relief?

The amount saved through Insurance Tax Relief depends upon the amount paid towards premium and the tax slab of the individual/salaried employee who has opted for this facility from their employer.

Tax Saving life insurance premium

1. Also, you can claim a deduction on premium paid for Terminal Illness Benefit (TIB) riders and top-up options like Child Rider or Accidental Death Benefit rider.