Current Account

Tax Assist

Axis Bank offers multiple tax saving options.
Choose option/s depending on your overall financial goals, time frame and risk taking ability.

Find out how much tax you can save by investing in these tax-saving instruments

Please add your taxable income
  • Section
    80C

    Tax Savings: INR 0

  • Section
    80D

    Tax Savings: INR 0

  • Section
    80CCD

    Tax Savings: INR 0

  • 80C
  • 80D
  • 80CCD

Tax Saving

` 0

Revised Payable Tax

` 0

Payable Tax

` 0
  • Taxable Income
    `0
  • Total Payable Tax
    `0
  • Revised Payable Tax
    `0
  • Tax Saving
    `0

ELSS is an ideal way to save tax as well as create wealth. It also has the lowest lock-in period compared to other tax-saving instruments.

Invest Now

Equity Linked Savings Schemes:

ELSS are equity mutual fund schemes that invest in stocks - usually across large-cap, mid-cap, and small-cap companies.

Tax Assist

Dual Benefits:

Tax saving & wealth creation as the money is invested in equities which holds potential for long-term wealth creation. Equity as an asset class has demonstrated superior performance over long time periods.

Long-term Financial Planning:

With ELSS, you can plan long-term financial goals such as your retirement, children’s education, and their marriage, or anything, with ease.

Choose Your Investment Style:

Invest onetime (lump sum) or through a SIP (Systematic Investment Plan). Choose the scheme based on past returns, ranking, history of fund house and performance of the fund manager.

Lock-in period:
3 years. ELSS has the lowest lock-in compared to other tax-saving instruments.

Tax benefit:
Save up to Rs. 46,800 in taxes by investing up to Rs 1.5 lakh under Section 80C. Returns from the ELSS are taxable.

Minimum amount:
Each fund house will have a minimum amount. It could be as low as Rs 500 per month

Maximum amount:
No limit

# Income-tax at the rate of 10% (without indexation benefit) on long-term capital gains exceeding Rs. 1 lakh provided transfer of such units is subject to STT. * Actual tax benefit will vary from person to person. Tax benefit shown here is calculated at the highest tax slab rate.

Life insurance is a must-have in your financial portfolio. You can protect your loved ones and save for your goals.

Buy Now

Types Of Insurance Plans:

Term life insurance plans offer income replacement after the death of the policyholder, Unit Linked Insurance Plans (Ulips) help you build a corpus by investing in diversified assets and endowment and money-back plans offer returns at regular intervals.

Tax Exemption:

In addition to these benefits life insurance also offers tax exemption on the premium paid, provided the sum assured is 10 times the premium.

Online Term Life Plans:

Today it is possible to buy online term life plans in a few clicks. Know your premium by keying in details such as your income, age, term, etc and buy the plan with minimal documentation. You can also schedule the medical test at your convenience and pay premiums online.

Lock-in period:
Life insurance policies are long-term policies of 15 years plus. While there is an option to discontinue the policy after paying surrender charges, it is advisable to continue the policy until maturity for maximum benefit.

Tax benefit:
Premium paid is tax-exempt up to Rs 1.5 lakh under Section 80 C. The sum assured received at maturity or on the death of the policyholder is also tax-free

Minimum and maximum amount:
The premium will depend on the sum assured, age of the policyholder and tenure of the policy

PPF is a government-backed small savings scheme that offers secured returns, making it a suitable tool for retirement saving

Invest Now

Fixed Interest Rate:

Interest payable on PPF is determined quarterly by the Ministry of Finance and the interest is compounded on an annual basis.

Save Tax:

Enjoy tax exemption on PPF on the invested principle, interest and the total amount.

Deposits

You can also link your savings bank account to your PPF and invest every month. A PPF account holder can deposit a maximum of ₹1.5 lakhs in his/her PPF account (including those accounts where the customer is the guardian) per financial year. Since interest is calculated on the balance before the fifth of every month, it is advisable to invest before the fifth of the month to get maximum benefit.

Lock-in period:
There is a lock-in period of 15 years. Withdrawals are allowed from the 7th financial year. Withdrawal amount cannot exceed 50% of the balance of the preceding year. Premature closure is permitted after completion of 5 years for treatment of serious ailments or life threatening disease of family members and for higher education of PPF account holder with an interest rate penalty of 1%.

Tax benefit:
The tax benefit is capped at ₹1.5 lakhs per financial year. Contribution to PPF account is eligible for tax benefit under Section 80C of the Income Tax Act. PPF falls under EEE (Exempt,Exempt,Exempt) tax basket.

Minimum amount:
Rs 500

Maximum amount / Benefits:
Rs 1.5 lakh. Since interest is calculated on the balance before the fifth of every month, it is advisable to invest before the fifth of the month to get maximum benefit.

Invest in Tax-saver Bank FDs for saving tax and to earn stable and secure returns.

Invest Now

Fixed Interest Rate:

The interest rate is locked in at the time of investing. The interest rates are the same as regular FD interest rates offered by the bank.

Flexible Investment Amount:

Invest as per your convenience starting with amount as low as Rs 100 up to Rs 15 Lakhs.

Tax Savings:

Tax Saving Fixed Deposit comes with 3 options. Choose from Tax Saving - Reinvestment Deposit, Tax Saving - Quarterly Interest Payout or Tax Saving – Monthly Interest Payout depending on the interest pay-out most suitable for you. It is suitable for investors who are looking for stable, secure returns along with tax exemption.

Lock-in period:
5 years

Tax benefit:
Up to Rs 1.5 lakh investment under Section 80C. Interest accrued and maturity amounts is taxable.

Minimum amount:
Rs 100

Maximum amount:
Rs 1.5 lakh

A government-backed pension scheme that guarantees monthly pension ranging from Rs 1,000-5,000 after the age of 60 years

Invest Now

Atal Pension Yojana:

It is administered through the NPS architecture and is open to anyone between 18 and 40 years of age, with a savings bank account

Contribution Period:

The minimum age of joining APY is 18 years and maximum is 40 years. The age of exit and start of pension would be 60 years. Therefore, minimum period of contribution by subscriber under APY would be 20 years.

Lock-in period:
Till 60 years of age

Tax benefit:
Up to Rs 1.5 lakh for investment under Section 80 C

Minimum amount:
At age 18 the minimum contribution to get pension of Rs 1,000 is Rs 42

Maximum amount:
Age 40 the maximum contribution to get pension of Rs 5,000 is Rs 1,454.

It is a government-backed savings scheme solely for the girl child that offers fixed and secured returns.

Know More

Fixed Income Scheme:

It is a fixed income scheme where the interest rate is fixed every quarter.

Girl Child Account:

The account can be opened only till the girl child turns 10 years though deposits can be made till the completion of 15 years from the date of opening of account. Only one account can be opened for one girl child. The account can be opened in post-office or bank

Deposits:

Total Deposit allowed in the financial year is Rs 1,50,000. Customer should contribute minimum Rs 250 in the financial year.

Lock-in period:
21 years from the date of account opening

Tax benefit:
Investment up to Rs 1.5 lakh is tax-free under Section 80C. Interest earned and maturity amounts are also tax-free.

Minimum amount:
Rs 250

Maximum amount:
Rs 1.5 lakh

Given the rising medical costs, a comprehensive health insurance policy can protect you and your family from a monetary burden.

Know More

Tax Deduction::

Enjoy tax deduction on the premium paid for a health insurance policy for self, spouse, child, and parents.

Government-Backed:

Premium paid towards critical illness policies or top-up health insurance policies is also eligible for a tax deduction.

Lock-in period:
Health insurance policies have to be renewed annually

Tax benefit:
Under Section 80D, the tax benefit is available on premium up to Rs 25,000 for self, spouse and children. A similar amount is tax-exempt on the premium paid for parents’ health insurance policy. In case of senior citizens, the amount is Rs 50,000

Minimum and maximum amount:
Premium will vary based on the number of people covered in the policy, their age and extent of coverage or benefits offered in the plan.
Axis Bank has tied up with leading health insurance company Tata AIG Health Insurance to offer the best-in-class health insurance plans - Tata AIG Medicare and Mediprime.

National Pension System is a market-linked savings instrument managed by the PFRDA (Pension Fund and Regulatory Development Authority).

Know More

Pension Income:

It allows you to invest in a mix of equity and debt funds during your working years and buy an annuity with the accumulated corpus to get pension post-retirement. Thus it enables disciplined savings and ensures regular pension income.

Asset Class:

In the active choice option, you can invest up to 75% of the money in equity and rest in fixed income or debt funds. In the auto choice option, the money is automatically invested in a combination of equity, corporate bonds, and government securities funds.

Professional Fund Managers:

NPS funds are managed by professional fund managers and the returns vary depending on the fund managers’ performance as well as market performance.

Low Cost Structure:

It has the lowest cost structure when compared to other market-linked instruments.

Lock-in period:
Till 60 years, but with the option of premature withdrawal subject to conditions. On maturity, up to 60% of the accumulated corpus can be withdrawn tax-free, while the remaining 40% has to be used to purchase an annuity.

Tax benefit:
Tax Benefits under section 80C, deduction limit for this section is Rs. 1.5 lakhs. Tax Benefits under Section 80CCD (1B) upto 50000 over and above 1.5 Lakhs available u/s 80. Tax Benefits under Section 80CCD (2) for salaried employee i.e. upto 10% of (Basic + DA) on Employer's Contribution.

Minimum amount:
Rs 500

Maximum amount:
No limit

Additionally, if you are a salaried employee, your contribution to your Employee Provident Fund (EPF) is eligible for tax exemption up to Rs 1.5 lakh, under Section 80C. Those who have a home loan can claim tax exemption on the principal repayment (up to Rs 1.5 lakh) under Section 80C and the interest repayment (up to Rs 2 lakh) under Section 24. If you are servicing an education loan, the entire interest repayment is eligible for tax-exemption. Interest earned on Savings Bank Account is eligible for exemption under Section 80TTA (up to Rs 10,000).

Disclaimer: The tax-saving instruments provided herein are restricted to certain investment avenues eligible under the Income Tax Act. Additional tax deductions/exemptions that one may avail of, such as EPF, HRA, LTA, fees paid for children's education, etc. have not been considered. Taxable income includes income from all sources less standard deductions. The deductions/exemptions mentioned here are available only to those taxpayers who opt for the Old Tax Regime. This calculator considers rates applicable to Indian resident individuals below the age of 60 years opting for the old tax regime as per FY19-20 & earning a total income of less than Rs. 50 Lakhs. The calculator does not consider tax rebates, reliefs and differential tax rates other than slab rates. If you have opted for the New Tax Regime you would be eligible only for deductions for investment in National Pension System. Tax payable may vary depending on the applicable tax slab. Investors are advised to consult their Tax Consultant with respect to specific amount of tax indicated.