Fixed Deposit for tax saving needs to be created every year?
Have a query about tax savings pertaining to FDs? Looking out for the detailed rules for doing so? On this page, our ISC experts shall provide you financial advice.
One of the quick option in order to get into 80C bracket of 1.5 Lacs is Fixed Deposit of tax saving which is required to be for 5 years.
Now question is if we have created FD of 5 years in 2018 then can we use it for FY 2019-2020 again or do we need to create another FD for another 5 years for FY 2018-2019? Basically can we use same FD for next 5 years or every year we need to create it?