Based on the total income, your tax slab is determined. You must also know that when you earn interest on an FD in a year, it is essentially clubbed with your annual income. The interest earnings form a part of your total tax liability. The interest income you earn from an FD is fully taxable. If your preference for opening an FD Account is to claim tax deductions, then here's how you can save on FD interest income. ![]() Often, people initiate investments to save income tax. The account also entitles you to avail short-term loans in case of financial emergencies. As compared to a Savings Account, a Fixed Deposit offers a higher interest rate. Whether you want to open in the name of a minor, adult, or senior citizen, the account helps in building a good corpus. Let's get to know how much taxable amount you can save on an FD Account.Ī Fixed Deposit is safe investment option available in India. ![]() Apart from realising a corpus for future goals, you can also save on tax. Opening a Fixed Deposit (FD) Account is one of the best investment options.
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