Note : This info is for assessment year 2013-14 only ( financial year 2012-13 ).
Tax Saving 5 yr Fixed Deposit have 5 year locking period. You could invest Rs. 1 lakhs in this under 80 C of Indian Income Tax . The comparison is here.
HDFC - 8.75 pct
Federal Bank - 8.75 pct
SBT - 8.5 pct
ICICI - 8.5 pct
Axis Bank - 9 pct
These rates are not for Senior Citizens who might get a +.25 or +.5 pct more. You don't have to open a savings account for investing in the tax saving deposit scheme.