Indian Bank Tax Saving Fixed Deposit
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.
Features of Tax-saving FDs
- Minimum Investment: The minimum deposit amount for tax-saving FD offered by Indian Bank is ₹1,000.
- Maximum Investment: The maximum deposit amount for tax-saving FD is ₹1,50,000.
- Tenure: The period of investment in a tax-saving FD ranges from 5 years to 10 years.
- Early Withdrawl: A premature withdrawal facility is available for these Fixed Deposit accounts.
- Goal: The motive of tax-saving FDs is to offer both earnings as well as tax benefits.
- Tax Deduction: Allows to save tax under Section 80C of the Income-Tax Act,1961.
- Payouts: You can choose amongst the options for monthly and quarterly payouts.
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.
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