Have you saved and invested enough in a bid to save the maximum tax possible for the financial year 2017-18? If not, you need to hurry up as the last day of this month \u2013 March 31st \u2013 is round the corner, after which the FY2018-19 will start from April 1 and then you won't be able to do anything for the current financial year. If you are a risk-averse investor and are looking for fixed returns over the medium to long term, then tax-saving fixed deposits (FDs), offered by India's leading banks, ranging from\u00a0SBI to HDFC to ICICI Bank, may be one of the good investment options for you. The deposits made in these FDs come with a mandatory lock-in period of 5 years and may have a maturity period ranging from 5 to 10 years. Unlike other fixed deposits, you can save a good amount of tax from such FDs. The only hitch is that you have to be sure that you will not need the money for the next five years, as unlike other FDs these FDs cannot be broken pre-maturely. Premature loans against these FDs are also not allowed. However, the amount invested in tax-saving fixed deposits can be claimed as a deduction under Section 80C. \u201cNo tax would be levied on the principal amount invested, but the interest earned on these FDs would be taxable as per the income tax slab rates of the individual,\u201d says Karan Batra, Founder & CEO of CharteredClub.com. Thus, as interest earned is taxable as per the investor's tax bracket, therefore, TDS is applicable. \u201cThe interest on deposits is payable on either monthly\/quarterly basis or can be reinvested. A person can, however, avoid the TDS deduction on the interest earned by submitting Form 15G (or Form 15H for senior citizens) to the bank,\u201d says Adhil Shetty, CEO, Bankbazaar.com. Fixed deposit (FD) interest rates being offered by India's leading banks: Fixed Deposit Interest Rates (up to Rs 1 crore) BANKS 5 Years & above only Andhra Bank 6.25% Allahabad Bank 6.50% Axis Bank 6.90% Bank of Baroda 6.25%-6.5% Bank of India 6.25% Bank of Maharashtra 6.00% Canara Bank 6.00% Central Bank of India 6.50% Corporation Bank 6.50% Dena Bank 6.30% DCB Bank Limited 7.2%- 7.25% Dhanlaxmi Bank 6.50% HDFC Bank 6.00% ICICI Bank 6.50% IDBI Bank 6.00% Indian Overseas Bank 6.00% Indian Bank 6.00% Indusind Bank 6.50% Kotak Mahindra Bank 6.25% Oriental Bank of Commerce 6.40% RBL Bank 7.10% State Bank of India 6.50% Syndicate Bank 6.50% Yes Bank 7.00% UCO Bank 6.25% Union Bank of India 6.50% United Bank of India 6.00% Vijaya Bank 6.25% *Data taken from respective bank's website, as on 8 March 18 Source: Bankbazaar.com Investing in 5-year fixed deposits can be considered by people who are looking for fixed returns every year and not variable returns which are market-linked. People looking for fixed returns can also explore options like the National Savings Certificate which are same like 5-year FDs, but the interest offered by them is usually higher than the 5- year FDs. In case you are looking for something more flexible for saving tax, you can try ELSS funds. That may be a little more riskier than an FD, but are more liquid with a three-year lock-in period and having potential for higher returns. \u201cIn case tax-saving is not your main agenda, but you just want to park funds, go for liquid funds as they provide better returns than FDs, and you can redeem them when you want. Tax will, however, be levied on both ELSS and liquid funds while redeeming them,\u201d says Shetty.