Tuesday, January 24, 2012

Sec 80C - Tax Saving Bank Fixed Deposit

Option for 5 Year TaxSaving Bank Fixed Deposit

1.    5 Year Lock In Period of FD, hence no withdrawal will be allowed.
2.    The interest rates for this scheme will be vary for each bank.
3.    Min Amount – Rs. 100, Maximum is 1 Lac for Tax Saving every Financial Year
4.    Available with Banks only – Not allowed under Company deposit schemes
5.    No withdrawal or partial withdrawal is allowed

6.    No Overdraft is allowed
7.    Not allowed for Pledging under Loan Against Securities.
8.    Interest earned from this deposit will be added to your income (tax payable) on the same.

Happy Investing !!!