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- Canara
- Tax Saver Scheme
Tax Saver Fixed Deposit Scheme
- Easy to Open.
- Attractive Rate of Interest.
- Benefits of deduction from income up to Rs. 1,50,000/- under Sec.80C of the IT Act, 1961.
- Nomination Facility available.
| Product Nature | A term deposit scheme under the Fixed Deposit & Kamadhenu Deposit streams. Best suited for Salaried Class, Businessmen, Professionals who come under the ambit of Tax Payers. |
|---|---|
| Amount of Deposit | Minimum - Rs.100/-(In multiples of Rs.100/- there after) Maximum- Rs. 1,50,000/- per person |
| Period Of Deposit | 5 years |
| Periodicity of Interest Payment | Monthly (discounted)/Quarterly on Fixed Deposits. Compounded quarterly on Kamadhenu Deposit |
| Loan Facility | Cannot be pledged as security/collateral security for loans/advances |
| TAX Deducted at Source | Applicable on interest payable as per prevailing Income Tax rules |
| PRE-Mature Closure | Cannot be closed prematurely (as per the guidelines of GOI), Except in the event of death of depositor |
- Individual Account – can be in the name of the individual for himself or in the capacity of the Karta of a Hindu undivided family (HUF).
- Joint Account – can be opened by only two adults jointly or an adult and a minor, and payable to either of the holders or to the survivor.
- In the case of joint account, the deduction from income under Section 80C of the Income Tax Act, 1961 shall be available only to the first holder of the deposit.
- Application in the Banks prescribed form.
- Copy of PAN Card / Form 60 or 61 (if customer does not have PAN Card).
- Photograph of Depositor/s (2 copies).
- Proof of Identity and address as per KYC Norms
- Any other related documents as applicable to Karta of a HUF.
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