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Updated 04 Sep 2023
Paying taxes is the duty of a responsible citizen. However, many times taxes levied on your returns are hefty and reduces your returns on investments. In such cases, banks offer tax-saving Fixed Deposit options where you can claim deductions up to ₹ 1,50,000 under section 80C of the Income Tax Act.
Here are the details of tax-saving FD options offered by the Indian Bank.
What are the required documents to open an FD account with Indian Bank?
An investor needs identity proof along with address proof and two passport-sized photographs to open an FD account with an Indian bank.
What is the lock-in period for these FDs?
The lock-in period for tax-saving FDs is typically 5 years.
What is the main purpose of SBM Bank's Tax-Saving FD?
It is a tax-saving instrument where investments are eligible for deductions under Section 80C of the Income Tax Act.
Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the information displayed is subject to change and are provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of information contained on this website.
