Fd for 5 yrs term

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 September 2014 Hello Everyone,

If we keep a FD for 5 yrs Term can we get a benefit under 80C Section?

Also, is there any limit how much we can keep the amount to save TAX?

As per my thought if we keep more, TDS will be deducted above 10,000.

Regards,
Chirag

Nikhil Kaushik

Nikhil Kaushik (Expert)
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28 September 2014 1. You need to invest in special tax saver FDs.

2. The amount that can be deposited in a year is limited as per overall limit under section 80C

3. the interest earned is taxable and if it is in excess of Rs 10k, TDS will be deducted.