home > Products Palette
All products << back <<

IB Tax Savings Certificate
Eligibility1. Individual or Hindu undivided family, having Income Tax Permanent Account Number.
2. The Joint holder type deposit receipt may be issued to two adults or jointly to an adult and a minor payable to either of the holders or to the survivor.
3. Provided that in the case of joint holder type deposit, the deduction from income under section 80C of the Act shall be available only to the first holder of the deposit.
Type of accountReinvestment Plan Deposit.
Tenure5 Years.
Interest Rates* 7% p.a. for General Public.
* 7.5% p.a for Senior Citizen.
* 8% p.a for Staff.
Salient FeaturesIn order to cater to the needs of depositors who wants to avail tax benefit under section 80C of Income Tax Act, this scheme is launched.
Maturity Amount

Maturity Amount for Specified Denominations

Maturity Amount (in Rs.) - 5 years

 

General Public

 

Senior Citizen

 

Staff

Rs.1000/-

1415/-

1450/-

1486/-

Rs.5000/-

7074/-

7250/-

7430/-

Rs.10000/-

14148/-

14500/-

14859/-

Rs.50000/-

70739/-

72497/-

74297/-

Rs.100000/-

141478/-

144995/-

148595/-

Min AmtThe deposit receipt will be issued in 5 denominations (Rs.1000/-, Rs.5000/-, Rs.10000/-, Rs.50000/- and Rs.1lakh) for categories of General Public, Senior Citizen.
TDSInterest on the Term Deposit shall be liable to tax under Income Tax Act on the basis of annual accrual.
Other Requirements/Details* PAN number to be incorporated in the CIF and printed in the deposit receipt. Signature of the depositor should be obtained in the deposit receipt.
* Stamp should be affixed super scribing in red ink the following notation :
“Bank Term Deposit Scheme 2006 as per notification no 203 of 2006 dated 28.07.2006 by the Central Government”
* No loan/ foreclosure is allowed before maturity.



 
icon : Branch Network Branch Network
icon : Internet Banking Internet Banking
icon : ATM Network ATM Network
icon : IndMobile Banking Mobile Banking
icon : Phone Banking Phone Banking
icon : Credit Cards Credit Card
icon :  Debit Cards Debit/ATM Card
icon : Prepaid Cards Prepaid Cards
  Newsroom  
 » Notifications
 » Deposit Rates
 » Lending Rates
 » Service Charges / Forex Rates
 Products Palette
 » Educational Loan
 » Wealth Management Services
 Info
 » Basel-II Disclosures
 » Right to Information Act
 » Customer Centric Services
 » Best Practices Code
Press-Release  |  Tenders/Bids/Auction  |  Careers  |  Downloads  |  Disclaimer  |  Feedback  | Online Customer Complaints (SPGRS)