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BARODA TAX SAVINGS TERM DEPOSIT ACCOUNT.
ELIGIBLE PERSONS :
- All individuals and HUF are eligible to invest in the product. It is most suitable for income tax payers like salaried persons, higher and middle-income group, retired persons etc.
- Deposit can be made in single name of an individual for himself or in the name of the Karta of the HUF OR in joint name.
- Joint account may be in the name of maximum two adults or jointly to an adult and a minor. As per Governmentï¿½s present Guidelines, in case of joint account/ joint holding of deposit, income tax relief will be available only to the first holder of the deposit.
- The firms, companies, trust, societies, clubs, institutions, corporates etc. are not allowed to invest under the product.
PERIOD of the deposit:
Minimum 5 years with a maximum tenure up to 10 years.
MINIMUM & MAXIMUM AMOUNT:
- Minimum amount shall be Rs. 100/- & in multiples of Rs. 100/- .
- For availing Tax benefit maximum amount in a financial year - Rs. 1.50/- lacs
TO KNOW THE CURRENT INTEREST RATES: Click here.
PREMATURE WITHDRAWAL OF THE DEPOSIT:
Premature withdrawal of the deposits made under the scheme shall not be allowed before completion of 5 years except in case of death of the depositor.
INTEREST PAYMENT & TAX LIABILITY:
- Interest will be computed on quarterly rest basis.
- Deposit can be made under RIRD/MIP/QIP scheme.
- In case of any request for prepayment of any time deposit before its due date, the Bank may do so after completion of minimum 5 years period, at its discretion and pay interest at 1% below the rate ruling on the date of making deposit, for the period for which the deposit has actually remained with the Bank.
- Interest on the deposit is liable to tax / TDS.
LOAN / OVERDRAFT AGAINST THE SECURITY OF THE DEPOSIT:
NO loan and/ or any type of credit facility shall be considered against the security of the deposit.
Nomination facility is available.
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