Yes Bank Tax Saving Fixed Deposit

In the vast landscape of financial products, tax-saving instruments stand out for their dual advantage: they offer the opportunity for wealth growth and provide relief from tax burdens. Among these instruments, Tax Saving Fixed Deposits (FDs) have remained a popular choice for many.

YES Bank, one of India's premier banking institutions, offers a competitive Tax Saving FD scheme that promises lucrative returns while helping investors reduce their taxable income. In this blog, we will delve deep into the features, benefits, and nuances of Tax Saving FDs offered by YES Bank, guiding you towards informed financial decisions.

• Tax Saver Fixed Deposits are fixed deposits in which the depositor can claim a tax deduction under Section 80C of the Indian Income-tax Act, 1961(I-T Act).
• These deposits can be made through two types of accounts: Single holder Type Deposits and Joint holder Type Deposits. If you opt for a joint holding mode, the tax benefit is only available to the first holder.
• The maturity period of the tax saver fixed deposit is 5 years.
• Deduction under section 80C of the I-T Act is available to the Hindu Undivided Family (HUF) and individuals.
• Even senior citizens and NRIs can claim this tax deduction. It should be noted that the interest that you earn from this fixed deposit is not tax-deductible, and you cannot avail of a loan against the same.
• The interest on tax-saver fixed deposits can either be reinvested or receivable quarterly.

• Resident Individuals: Indian residents can open a Tax Saver FD singly or jointly.
• Hindu Undivided Families (HUF): The Karta of the HUF can open an FD on behalf of the family.

• Proof of Identity: This could be any government-issued ID such as a PAN card, Aadhaar card, Voter's ID, Passport, or Driving License.
• Proof of Address: Documents like a Passport, Utility bills (electricity, telephone), Aadhaar card, or Voter's ID can serve as address proof.
• PAN Card: PAN is crucial since Tax Saver FDs offer tax benefits, and the bank needs it for TDS purposes.
• Recent Photograph: Most banks would require 1 or 2 recent passport-sized photographs.
• FD Application Form: This must be filled out, providing all the necessary details.
• Existing Customer Data: If you're already a customer of YES Bank, some details might not be necessary again, but it's always good to have them handy.