All individual depositors and H.U.F.’s who have a PAN number are eligible to open a Tax Saver Fixed Deposit account

• Two schemes: - Reinvestment Type and Quarterly Interest Payout Type.
• Minimum Deposit: Rs.5,000
• Maximum Deposit: Rs.1,00,000
• Tenure: 5 Years to 10 years
• Cumulative and Quarterly Interest Payment Options
• LATD/ODTD: Tax saver Fixed Deposit cannot be pledged as security to avail loan
• Premature closure of Fixed Deposits: A minimum lock in period of 5 years is stipulated to enable the deposit to be assessed as exempt from taxable income u/s 80C of the IT Act.
• No term deposit shall be en-cashed before the expiry of five years from the date of its receipt
• Fixed Deposit Receipt: As per the scheme notification, tax benefits under this scheme are to be claimed through the Fixed Deposit receipt issued by the Bank.
• Tax Deducted at Source: Fixed Deposits with the bank shall be subject to Tax Deduction at source as per Income Tax Act 1961.