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IB Tax Saver Scheme

IB Tax Saver Scheme

Interest Application

  • Quarterly even on monthly basis with a discount or on maturity

Salient Features

  • In 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.

Min Amt

  • Minimum amount Rs.1000 or in multiples of Rs.100 and Maximum amount Rs.150000

Min Period

  • Minimum 5 years
  • Maximum 10 years Individuals/HUF having PAN Card can invest upto Rs.1,50,000/- in a financial year

Other Requirements/Details

  • Specially designed scheme to avail tax rebate under section 80C of income Tax Act
  • Available under FD/MMD schemes.
  • No loan / foreclosure allowed upto 5 years
  • Senior Citizens are eligible for additional rate of 0.50% p.a.*
  • *Senior Citizens eligible for additional rate of 0.50% p.a for an aggregate amount up to   Rs.10 crore.                                              The above ceiling is applicable to all types of term deposits standing in the name of the Senior Citizen as the principal account holder at one or more branches put together.
  • Nomination facility available.

( Last modified on Apr 23, 2020 at 04:04:55 PM )