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  Tax Products & Planning (Tax Saver Term Deposit Scheme)

  Purpose
  • To enable our customers to place long term deposits to earn higher rate of interest and also to avail the tax benefits under section 80C of Income Tax Act, 1961.

  Salient features
  • Higher rate of interest
  • Tax benefits under section 80C of Income Tax Act, 1961.
  • Additional Incentives
    • Free Credit Card issuance linked to amount of deposit.
    • 0.25% higher rate of interest on any one new term deposit (other than TSTDS).
    • 1% interest rebate on first year on our Housing, Educational or Consumer Loan Scheme.
    • For deposits of Rs.50,000 and above, no installation charges for POS machine.

    Note:A customer can opt for any two of the above incentives. The incentives at b, c &d shall be available to a customer for a period of 3 months from the date of opening of the TSTDS.


  Eligibility
  • Single holder type deposits: Resident assessee for himself/herself as an individual or in the capacity of the Karta of the Hindu undivided family.
  • Joint holder type deposits: Joint accounts may be opened in the name of two adults or in the name of an adult and a minor.

    Note:In case of joint accounts, the deduction from income under section 80 C of the act shall be available only to the first holder of the deposit.


  Mode of Operation
  • Singly or Jointly.

  Amount of Deposit
  • Minimum: Rs 1,000 and in multiples thereof. Maximum: Rs 1,00,000 in a year.

  Type of Account
  • Option I (TSTDS -I): Interest applied on quarterly basis. Payable in cash or credited to depositor's account every quarter during the term of the deposit.
  • Option II (TSTDS -II): Interest applied on monthly basis. Payable in cash or credited to depositor's account.
  • Option III (TSTDS -III): Compound rate of interest on the deposit paid along with the principal at the time of maturity.

  Term of Deposit
  • 5 - 10 years

  Rate of Interest

  Premature Withdrawal
  • Not allowed before the expiry of five years from the date of its receipt.

  Loan/Overdraft Facility
  • Not allowed

  Top (Conditions Apply)
 
 

 
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