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.
