Customer Information
| Investor Relations
| Services
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
8.25% p.a. (Regular)
8.50% (Senior citizens)
Premature Withdrawal
Not allowed before the expiry of five years from the date of
its receipt.
