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Sunday, September 28, 2008

SBI TAX SAVINGS SCHEME, 2006

A unique product which offers higher rate of interest alongwith tax benefits.Specially designed to cater to the needs of the Income Tax assessees.The distinctive features of this scheme are as below:

Purpose : To enable customers to place long term deposits to earn higher rate of interest and also to avail the tax benefits under section 80C of Income Tax Act, 1961.

Eligibility : Resident assessee for himself/ herself as an individual or in the capacity of the Karta of the Hindu undivided family, having Income tax Permanent Account Number

Mode of Operation : Singly or Jointly

Minimum Deposit : Rs. 1,000/- or multiples thereof

Maximum Deposit : Not exceeding Rs. 1,00,000/- in a year

Type of account : Term Deposit (TD) account / Special Term Deposit (STD) account

Tenure : Minimum: 5 years - Maximum: 10 years

Rate of Interest : General Public – 8.00%
Senior Citizens – 0.50% above the rate applicable to general public i.e. 8.50%

Premature withdrawal : No term deposit shall be encashed before the expiry of five years from the date of its receipt.

Availability : Presently at CBS Branches

Nomination Facility : Available

Loan Facility : Not Available

Transferability : among branches Allowed

3 comments:

Unknown said...

It is a good one. I even got to know about Capital gain Bonds from my dad. As I am growing up, I have started showing keen interest in investments and financial planning. I have understood how much important it is to not only save but also invest.

Unknown said...

How to close thise account

Rohit Khamkar said...

Thanks for sharing this information. Would you like to get more information visit here best app for instant loan in india