Tax Saver Deposit

Tax Saver Deposit

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Overview

Choose our Tax Saver scheme to invest lump sum and enjoy tax benefit with earning interest monthly / quarterly or on maturity. You can invest at fullest of your ceilings of investment to take benefit of tax rebates. The scheme is for longer duration, so you can have principal and/or interest during or after maturity.

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Eligibility & Features

  • Eligibility :
    • Resident Individuals (either singly or jointly)
    • The single holder type deposit receipt shall be issued to an individual in personal name or in the capacity of the Karta of the Hindu Undivided Family (HUF)
    • The joint holder type deposit receipt may be issued jointly to two adults or jointly to an adult and a minor, and payable to either of the holders or to the survivor Provided that in the case of joint holder type deposit, the Deduction from income U/S 80/C sub section 2(XXI) of the Act shall be available only to the first holder of the deposit.
  • Features:
      • Amount of Deposit
        • Minimum : ₹ 100/-
        • Maximum : ₹ 1,50,000/- (₹ One Lac Fifty Thousand only) in a financial year
      • Period of Deposit
        • Fixed period of 60 months
      • Payment on Maturity
        • On maturity, Submit your self-discharged deposit receipt at home branch. After signature verification, bank officials will credit the maturity amount of said Deposit Receipt to customer’s account with us or will be paid through NEFT / RTGS / Pay Order / Demand Draft.
        • On maturity, if option is given, the TDR receipt will get renewed automatically if amount is below 15 lacs & will be as per applicable rules.
      • Premature Payment
        • Payment before maturity will be available as per the prevailing rules. Also penal interest will be charged as per bank’s rule on premature withdrawal of deposit receipt.
      • Loan Against TDR
        • The term deposit cannot be pledged to secure loan/overdraft or as security to locker or any other asset.

Documentation & ROI

  • In case of new customers :
  • KYC documentation
    • Proof of identity
    • Address proof of applicant
    • 2 Passport size photos
  • Application Form
    • Term Deposit Form (TDF)
    • Customer Information Form (CIF)
  • Other Documents
    • Related documents in case of Associations, HUF, Clubs, Trust, Society, etc.
  • In case of existing customers :
    • Term Deposit Form (TDF)
    • Related documents in case of Associations, HUF, Clubs, Trust, Society, etc.
    • Other related documents as per RBI guidelines (If any)
  • ROI :
    • Please click here to know our latest interest rates.
  • TDS:
    • The tax on interest earned is deductible in accordance with the provisions of the Income Tax Act 1961.
    • This term deposit is subject to TDS rules and regulations. The interest earned on this deposit is taxable. However, if your income is not liable to tax, you can submit a Form 15H/15G and the bank won’t deduct TDS on your interest.
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Benefits

  • Benefits :
    • Nomination Facility
      • Available to eligible persons as per rules
    • Deposit Receipt & Renewal Process
      • After depositing the amount customer will be issued a printed certificate (TDR) with full particulars filled in such as customer number, name of depositor / s, date of deposit, amount of deposit, deposit account number, period of deposit, due date of deposit & rate of interest, etc.
      • The deposit can be auto renewed on date of maturity as per instructions of depositor & as per rate of interest available on bank’s website.
    • Insurance Coverage
      • All Deposits made by our customers are covered under the Deposit Insurance & Credit Guarantee Corporation (DICGC) scheme for maximum amount of up to ₹ 5 lakh per customer, subject to applicable regulatory/statutory guidelines as amended from time to time.

FAQ

    • You may check the details of term deposit account through Internet banking as well as our Mobile Banking (Kalyan Klick) option. The term deposit account will reflect in your Internet Banking / Mobile Banking within 2 working days from term deposit account opening date.
    • Further, once the term deposit is created, funds will be debited from your savings / current account by mentioning the term deposit account & receipt number.

    • Tax is deducted at source, from the interest on Tax-Saver Fixed Deposit, as applicable, as per the Income Tax Act, 1961.

    • The minimum investment that can be made in a Tax-Saver Term Deposit is ₹ 10,000/- while the maximum is ₹ 1.5 lakh in a year.

    • The amount invested in a tax-saver term deposit is eligible for tax exemption under Section 80C. This amount can be a maximum of ₹1.5 lakh a year. In case of joint holders, the tax benefit is available to only the first holder.

    • No. Customer has to submit a PAN card on a mandatory basis for this scheme.

    • Premature closure of such deposits is not allowed until the maturity of Tax-Saver Term Deposit. Maturity closure is allowed on customer’s request only after completion of 5 years at Bank’s discretion.

    • Yes, an additional interest rate offered to Senior Citizens on term deposits. This mark-up is subject to change at the discretion of the Bank. You may refer to the interest rates hosted on our website www.kalyanjanata.in

    • No, on the date of maturity of term deposit depositor has to visit home branch & submit self-discharged deposit receipt. After signature verification, bank officials will credit the maturity amount of said Deposit Receipt to customer’s account with us or will be paid through NEFT / RTGS / Pay Order / Demand Draft.

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