Tax-saving deposits, on the other hand, have a set maturity date. Fixed deposits often vary from a few months to a year, two years, and so on. The maturity range for tax-saving FDs is 5 years. Yes, tax is deducted at the source from the interest on Tax-Saver Fixed Deposits. There is no auto-renewal option for a Tax Saving Fixed Deposit. In fixed deposits that are tax-savers, not even a loan facility is permitted.
Premature withdrawal is not allowed as tax-saving fixed deposits have a 5-year lock-in period, early withdrawals are not permitted.
Note that any number of accounts can be opened. (v) a minor above 10 years in his own name.
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