As the time is running out for saving taxes for the current financial year, one of the easiest ways for you to make tax-saving investment is to visit the nearby branch of the State Bank of India (SBI) and open a fixed deposit (FD) account. You may also invest in FDs through your SBI net banking account. Tenure of tax-saving FD: The minimum tenure of a term deposit under the tax-saving scheme is 5 years and the maximum tenure is 10 years. Lock-in period: The lock-in period for tax-saving FDs is 5 years from the date of investment. How much to invest: You may open an account with a minimum amount of Rs 1,000 and the maximum amount that can be deposited under the scheme is Rs 1.5 lakh in a financial year. Who can invest and get benefit: The name(s) in the FD account has to be the same as in the savings or current or OD account from which the fund is transferred to the deposit account. However, in case of joint accounts, only the first holder shall be eligible for the 80C tax benefits. How to open FD account online: If you have a net banking account with 'transaction rights' or 'limited transaction rights', you may open an FD account online after logging in to your net banking account. How to add nominee(s): At the time of opening an e-TDR\/e-STDR under Tax Saving Scheme, you will get an option to retain the nominee(s) of the net banking account for the FD account also. But to add a new nominee, you will have to visit your branch. Rate of interest on tax-saving FDs: The interest rates vary from time to time, which you may view by clicking on "View current interest rate" link provided in e-TDR\/e-STDR request page. Senior citizen can avail additional rate of interest in e-TDR\/e-STDR under on tax-saving FDs by exercising the relevant option. Liquidity: Neither you can take any loan against tax-saving FDs, nor you may withdraw it prematurely before the expiry of 5 years from the date of investment. How to withdraw maturity amount: The maturity amount will be credited back to the account, from which the investment amount was transferred to open the FD account. Tax benefits: The amount invested in the fixed deposit account is eligible for deduction from income under Section 80C of Income Tax Act, but the interest earned is taxable in the hands of investors.