SARAL TAX SAVER DEPOSIT :
This deposit Scheme is introduced on the lines of the Central Government Notification on Bank term deposit scheme 2006 for the purpose of SEC 80C (XXI) of the Income Tax Act. The amount deposited under the scheme is eligible to claim excemption (upto Rs. 1,00,000/-) under SEC80C of IT Act 1961.
ELIGIBLITY :
- All individuals and HUF are eligible to invest in the product. It is most suitable for income tax payers like salaried persons, higher and middle-income group, retired persons etc.
- Deposit can be made in single name of an individual for himself or in the name of the Karta of the HUF OR in joint name.
- Joint account may be in the name of maximum two adults or jointly to an adult and a minor. As per Government’s present Guidelines, in case of joint account/ joint holding of deposit, income tax relief will be available only to the first holder of the deposit.
PERIOD of the deposit :
# 5 years only
MINIMUM & MAXIMUM AMOUNT:
- Minimum amount shall be Rs. 1000/- & in multiples of Rs. 1000/- .
- For availing Tax benefit maximum amount in a financial year - Rs. 1/- lac.
PREMATURE WITHDRAWAL OF THE DEPOSIT:
Premature withdrawal of the deposits made under the scheme shall not be allowed before completion of 5 years except in case of death of the depositor.
INTEREST PAYMENT & TAX LIABILITY:
- Interest will be computed on quarterly rest basis.
- Deposit can be made under RIRD/MIP/QIP scheme.
- In case of any request for prepayment of any time deposit before its due date, the Bank may do so after completion of minimum 5 years period, at its discretion and pay interest at 1% below the rate ruling on the date of making deposit, for the period for which the deposit has actually remained with the Bank.
- Interest on the deposit is liable to tax / TDS.
LOAN / OVERDRAFT AGAINST THE SECURITY OF THE DEPOSIT:
NO loan and/ or any type of credit facility shall be considered against the security of the deposit.
Nomination facility available.
KYC Norms.
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