| IB Tax Savings Certificate |
| Eligibility | 1. 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 account | Reinvestment Plan Deposit. |
| Tenure | 5 Years. |
| Interest Rates | * 7% p.a. for General Public.
* 7.5% p.a for Senior Citizen.
* 8% p.a for Staff. |
| 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. |
| 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 Amt | The 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. |
| TDS | Interest 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.
|
