you can save tax and invest that money as a part of future savings
“Invest as much as you want. Section 80C allows tax savings of ₹1, 50,000 per year!” There are various ways you can save tax and invest that money as a part of future savin find gs. One of them is the tax saver fixed deposit. It is an investment where y business ou get a tax deduction up to ₹1,50,000 under section 80C included in the Indian Income Tax Act of 1961. These tax savings fixed deposits have higher interest rates as compared to regular FDs or PPFs. The interest goes as high as 5.5%- house 7.75%, depending upon the banks and NBFC. Furthermore, the lock-in period of your money for these FDs is only five years. Facts about tax-saving fixed deposits You can invest a minimum of ₹10,000 and a maximum of ₹1,50,000 per year in tax-saving FDs. These FDs have no auto-renewal or pre-mature withdrawal facilities. It allows you a one-time lump sum money deposit. No further deposits are allowed once you fix your money. Although the name says that you save tax, tax