Tax Saver Deposit

Overview

Tax saver fixed deposit is a type of fixed deposit, by investing in which, you can get tax deduction under section 80C of the Indian Income Tax Act, 1961. With the Tax saver FD, you can opt to receive interest either monthly, quarterly, half yearly or at maturity.

Salient Features

Fixed Deposit Tenure of 5 Years
Minimum Deposit Amount is Rs.5000 /- and maximum Amount is Rs.1,50,000/-
Premature or partial withdrawals are not permitted for tax saving FD's before lock-in period of 5 years
Deposit account can be opened individually/ jointly. However the deduction from income under section 80 C of the act shall be available only to the first holder of the deposit.
Fixed deposit with interest payment on monthly, quarterly, half yearly or yearly stretch. (or) Cumulative deposit with interest payable along with maturity.
Tax benefit available up to a maximum limit of Rs.1,50,000/- under Sec 80 C.
Nomination facility available.