Updated 30 Aug 2023
Saving money on tax payments might be the most gratifying thing. Although taxes become inevitable after a particular income threshold, it is important to understand that you can always reduce your tax liability by taking appropriate measures.
If you’re looking to invest long-term with an objective to reduce your tax liability on your amount, tax-saving FDs are the way to go. Let’s look at how ICICI offers its Tax-saving FDs and the various perks you get along with.
Regarding the documents required-
Identity Proofs
Address proofs
Can I take a loan against my Tax-saving FD with ICICI?
You cannot avail of a loan against Tax-saving FDs due to the 5-year lock-in rule.
Do senior citizens get a higher interest rate on Tax-saving FDs?
Yes, ICICI Bank typically offers a preferential interest rate for senior citizens, which is higher than the regular deposit rates.
Is the interest earned on these FDs tax-free?
No, the interest earned on Tax-saving FDs is taxable per the individual's tax bracket. Only the invested amount (up to ₹1.5 lakhs) qualifies for a tax deduction.
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