|Interest Application||Method and Periodicity of calculation of interest is same as that of ordinary SB account / Term deposit accounts|
|Salient Features||Under this Scheme the tax payers can avail of the benefit of exemption from capital gains only if the amount of capital gains or the net consideration is deposited in Public Sector Banks on or before their due date of filing a return of income in accordance with the scheme.
|Min Amt||Minimum amount is same as that of ordinary SB account / Term Deposit accounts offered in two types |
Deposit a/c A & Deposit a/c B
Deposit A in the form of Savings Bank and Deposit B in the form of Term deposit (as cumulative or non cumulative)
|Min Period||Minimum 7 days|
Maximum – Normally 10 years
|Other Requirements/Details||All branches except rural branches are authorized to accept deposits under the scheme. Tax payers can avail the benefit of exemption under Section 54 (B,D,F & G as the case may be) of Income Tax Act 1961. Nomination facility is available. Withdrawal is permitted as per rules. Interest Payments are subject to TDS.|