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80c | Ratekhoj.com, Best Fixed Deposits, Loans, Insurance Rates and Credit Cards

Best FD Interest Rates in India as of September 15, 2011

(You can get the current best fixed deposit rates in India here.)

Highest Fixed Deposit Rates for Non-Seniors in all Indian Banks

Duration Institutions Rate
3 months Corporation Bank 8.75
6 months Oriental Bank Of Commerce 9.10
1 year Lakshmi Vilas Bank
Greater Bombay Coop Bank
10.50
2 years Lakshmi Vilas Bank
Mahanagar Co-op Bank
10.50
3 years Mahanagar Co-op Bank 10.50
4 years City Union Bank
Tamilnad Mercantile Bank
9.75
5 years Tamilnad Mercantile Bank 10.00
>5 years Tamilnad Mercantile Bank 10.00

Highest Fixed Deposit Rates for Non-Seniors in Public Sector Banks

Duration Institutions Rate
3 months Corporation Bank 8.75
6 months Oriental Bank Of Commerce 9.10
1 year Oriental Bank Of Commerce 9.75
2 years Oriental Bank Of Commerce 9.75
3 years State Bank Of Travancore 9.60
4 years State Bank Of Travancore 9.60
5 years State Bank Of Travancore 9.60
>5 years State Bank Of Travancore 9.60

Highest Fixed Deposit Rates for Seniors in all Indian Banks

Duration Institutions Rate
3 months UCO Bank
Corporation Bank
8.75
6 months Oriental Bank Of Commerce 9.60
1 year Greater Bombay Coop Bank 11.00
2 years Lakshmi Vilas Bank
Mahanagar Co-op Bank
10.75
3 years Mahanagar Co-op Bank 10.75
4 years Lakshmi Vilas Bank
IDBI Bank
10.25
5 years Tamilnad Mercantile Bank
IDBI Bank
Lakshmi Vilas Bank
IDBI Bank
10.25
>5 years IDBI Bank
Tamilnad Mercantile Bank
IDBI Bank
10.25

Highest Fixed Deposit Rates for Seniors in Public Sector Banks

Duration Institutions Rate
3 months UCO Bank
Corporation Bank
8.75
6 months Oriental Bank Of Commerce 9.60
1 year Oriental Bank Of Commerce
IDBI Bank
10.25
2 years Oriental Bank Of Commerce
IDBI Bank
10.25
3 years IDBI Bank 10.25
4 years IDBI Bank 10.25
5 years IDBI Bank 10.25
>5 years IDBI Bank 10.25

Highest FD Rates for Non-Seniors for 80(C) tax savings deposits

(Max of Rs. 1 lakh per year. Duration of FD is minimum of 5 years)

Institutions Rate
Tamilnad Mercantile Bank 10.00

Highest FD Rates for Seniors for 80(C) tax savings deposits

(Max of Rs. 1 lakh per year. Duration of FD is minimum of 5 years)

Institutions Rate
Tamilnad Mercantile Bank 10.25

Highest NRO Fixed Deposit Rates (for NRIs)

Duration Institutions Rate
3 months Syndicate Bank 8.50
6 months Syndicate Bank 9.00
1 year Tamilnad Mercantile Bank 10.00
2 years Catholic Syrian Bank 9.70
3 years Tamilnad Mercantile Bank 9.75
4 years Tamilnad Mercantile Bank 9.75
5 years Tamilnad Mercantile Bank 10.00
>5 years Tamilnad Mercantile Bank 10.00

You can get the current best fixed deposit rates in India here.

As a taxpayer, you are always exploring options to reduce your taxable income so that you can pay less taxes. Section 80C of the Indian Income Tax Act provides several avenues for deductions from your taxable income. Financial planning can help you take maximum advantage of these deductions.
As per section 80C, you are entitled to deductions for the whole of amounts paid or deposited in the current financial year in the following schemes, subject to a limit of Rs.1,00,000:
  1. Insurance Premiums: Payment of insurance premium to effect or to keep in force an insurance on the life of the individual, the spouse or any child of the individual.
  2. Deferred Annuity Payments: Any payment made to effect or to keep in force a contract for a deferred annuity, not being an annuity plan as is referred to in item (7) herein below on the life of the individual, the spouse or any child of the individual, provided that such contract does not contain a provision for the exercise by the insured of an option to receive a cash payment in lieu of the payment of the annuity
  3. Deferred Annuity Deductions from Pay: Any sum deducted from the salary payable by, or, on behalf of the Government to any individual, being a sum deducted in accordance with the conditions of his service for the purpose of securing to him a deferred annuity or making provision for his spouse or children, in so far as the sum deducted does not exceed 1/5th of the salary.
  4. Provident Fund (PF) or Public Provident Fund (PPF) Contributions: Any contribution made:
    • by an individual to any Provident Fund to which the Provident Fund Act, 1925 applies;
    • to any provident fund set up by the Central Government, and notified by it in this behalf in the Official Gazette, where such contribution is to an account standing in the name of an individual, or spouse or children [The Central Government has since notified Public Provident Fund vide Notification S.O. No. 1559(E) dated 3.11.05.]
    • by an employee to a Recognized Provident Fund;
    • by an employee to an approved superannuation fund; It may be noted that “contribution” to any Fund shall not include any sums in repayment of loan;
  5. National Savings Certificates: Any subscription :-
    • to any such security of the Central Government or any such deposit scheme as the Central Government may, by notification in the Official Gazette, specify in this behalf.
    • to any such saving certificates as defined under section 2(c) of the Government Saving Certificate Act, 1959 as the Government may, by notification in the Official Gazette, specify in this behalf. [The Central Government has since notified National Saving Certificate (VIIIth Issue) vide Notification S.O. No. 1560(E) dated 3.11.05.]
  6. ULIP Plan contributions: Any sum paid as contribution in the case of an individual, for himself, spouse or any child,
    • for participation in the Unit Linked Insurance Plan, 1971 of the Unit Trust of India
    • for participation in any unit-linked insurance plan of the LIC Mutual Fund referred to in clause (23D) of section 10 and as notified by the Central Government. [The Central Government has since notified Unit Linked Insurance Plan (formerly known as Dhanraksha, 1989) of LIC Mutual Fund vide Notification S.O. No. 1561(E) dated 3.11.05.]
  7. New Jeevan Dhara, New Jeevan Dhara-I, New Jeevan Akshay, New Jeevan Akshay-I, New Jeevan Akshay-II, Jeevan Akshay-III: Any subscription made to effect or keep in force a contract for such annuity plan of the Life Insurance Corporation or any other insurer as the Central Government may, by notification in the Official Gazette, specify; [The Central Government has since notified New Jeevan Dhara, New Jeevan Dhara-I, New Jeevan Akshay, New Jeevan Akshay-I and New Jeevan Akshay-II vide Notification S.O. No. 1562(E) dated 3.11.05 and Jeevan Akshay-III vide Notification S.O. No. 847(E) dated 1.6.2006 ]
  8. Equity Linked Savings Schemes (ELSS): Any subscription made to any units of any Mutual Fund, referred to in clause(23D) of section 10, or from the Administrator or the specified company referred to in Unit Trust of India (Transfer of Undertaking & Repeal) Act, 2002 under any plan formulated in accordance with any scheme as the Central Government, may, by notification in the Official Gazette, specify in this behalf;
    [The Central Government has since notified the Equity Linked Saving Scheme, 2005 for this purpose vide Notification S.O. No. 1563(E) dated 3.11.2005]. The investments made after 1.4.2006 in plans formulated in accordance with Equity Linked Saving Scheme, 1992 or Equity Linked Saving Scheme, 1998 shall also qualify for deduction under section 80C.
  9. UTI Retirement Benefit Pension Fund: Any contribution made by an individual to any pension fund set up by any Mutual Fund referred to in clause (23D) of section 10, or, by the Administrator or the specified company referred to in Unit Trust of India (Transfer of Undertaking & Repeal) Act, 2002, as the Central Government may, by notification in the Official Gazette, specify in this behalf. [The Central Government has since notified UTI-Retirement Benefit Pension Fund vide Notification S.O. No. 1564(E) dated 3.11.05.]
  10. National Housing Bank deposits or pension funds: Any subscription made to any such deposit scheme of, or, any contribution made to any such pension fund set up by, the National Housing Bank, as the Central Government may, by notification in the Official Gazette, specify in this behalf.
  11. HUDCO Fixed Deposit Scheme: Any subscription made to any such deposit scheme, as the Central Government may, by notification in the Official Gazette, specify for the purpose of being floated by (a) public sector companies engaged in providing long-term finance for construction or purchase of houses in India for residential purposes, or, (b) any authority constituted in India by, or, under any law, enacted either for the purpose of dealing with and satisfying the need for housing accommodation or for the purpose of planning, development or improvement of cities, towns and villages, or for both. [The Central Government has since notified the Public Deposit Scheme of HUDCO vide Notification S.O. No.37(E), dated 11.01.2007, for the purposes of Section 80C(2)(xvi)(a)].
  12. Home Loan Principal Payments: When you take a home loan, you have to make monthly payments towards repayment of the loan. This monthly payment (also known as EMI or Equated Monthly Installments) consists of a principal part and a interest part. The principal part of your EMI payments can be used for 80c deductions (The interest part of your EMI can also be used for tax benefits under section 24 of IT Act). 
  13. Tuition Fees for education: Tuition fees, whether at the time of admission or thereafter, paid to any university, college, school or other educational institution situated in India, for the purpose of full-time education of any two children of the employee. Full-time education includes any educational course offered by any university, college, school or other educational institution to a student who is enrolled full-time for the said course. It is also clarified that full-time education includes play-school activities, pre-nursery and nursery classes. It is clarified that the amount allowable as tuition fees shall include any payment of fee to any university, college, school or other educational institution in India except the amount representing payment in the nature of development fees or donation or capitation fees or payment of similar nature.
  14. Subscription to equity shares or debentures: Subscription to equity shares or debentures forming part of any eligible issue of capital made by a public company, which is approved by the Board or by any public finance institution.
  15. Subscription to mutual funds: Subscription to any units of any mutual fund referred to in clause (23D) of Section 10 and approved by the Board, if the amount of subscription to such units is subscribed only in eligible issue of capital of any company.
  16. 80C eligible Term deposits: Investment as a term deposit for a fixed period of not less than five years with a scheduled bank, which is in accordance with a scheme framed and notified by the Central Government, in the Official Gazette for these purposes. [The Central Government has since notified the Bank Term Deposit Scheme, 2006 for this purpose vide Notification S.O. No. 1220(E) dated 28.7.2006]
  17. Subscription to NABARD bonds: Subscription to such bonds issued by the National Bank for Agriculture and Rural Development, as the Central Government may, by such notification in the Official Gazette, specify in this behalf.
  18. Senior Citizens Savings Scheme: Any investment in an account under the Senior Citizens Savings Scheme Rules, 2004.
  19. Post Office Time Deposits of 5 years duration: Any investment as five year time deposit in an account under the Post Office Time Deposit Rules, 1981.
It may be clarified that the amount of premium or other payment made on an insurance policy [other than a contract for deferred annuity mentioned in (2)] shall be eligible for deduction only to the extent of 20 percent of the actual capital sum assured. In calculating any such actual capital sum, the following shall not be taken into account:
i) the value of any premiums agreed to be returned, or
ii) any benefit by way of bonus or otherwise over and above the sum actually assured which may be received under the policy.
Source: CIRCULAR NO. 9 /2008 [F.No.275/192/2008-IT(B)], Central Board of Direct Taxes, Ministry of Finace, Government of India.

 Are you looking for 80c investment avenues for next financial year? Bank term deposits have been designated as eligible for 80c deductions from assessment year 2007-2008 onwards.

These fixed deposits have a minimum term of 5 years and you can invest a maximum of Rs 1 lakh per year under these schemes.

Attractive interest rates are offered by banks for 80c fixed deposits. Tamilnad Mercantile Bank, a private sector bank, is offering the best interest rate currently of 9.75% for non-seniors. Karnataka Bank and Lakshmi Vilas Bank, both private sector banks, are offering the next highest interest rate of 9.50%.

Tamilnad Mercantile Bank, Karnataka Bank and Lakshmi Vilas Bank are all offering 10.00% for senior citizens under the tax savings term deposit schemes and this is the best rate offered for seniors.