A Scheme for long term savings investments, with Income Tax Benefits
Eligible
Individuals & HUFs having PAN Numbers
Minimum Deposit
Rs.10,000/-
Maximum Deposit
Rs.1,50,000/- p.a.
Type of Deposit
FDR/MIC/QIC/DBD
Tenure
Minimum-5 years
Maximum-Upto & including 10 years
Rate of interest
As applicable to our normal domestic term deposits
Premature withdrawal
Not permitted upto 5 years. However, in case of death of the depositor before the maturity of term deposit, levy of penalty would be exempted and nominee/legal heir will be allowed premature payment even before the lock-in-period as per rules. T&C Apply
Applicability
All branches in India
Nomination Facility
Available
Advance Facility
Not available for a period of 5 years from The Date of Deposit
Other Benefits
Tax Exemption u/s 80c of the Income Tax Act
Other Terms and Conditions
In the case of Joint Accounts,only the first named Depositor will be eligible for deduction under Section 80c of the Income Tax Act.
No nomination shall be made in respect of aTerm Deposit applied for and held by or onbehalf of a Minor.
The Term Deposit shall not be pledged tosecure a loan or as security to any other advance.
Other terms and conditions as applicable to normal Term Deposits.
