A Hassle-free, Flexi Tax Saver Deposit Scheme with Personal Accident Insurance cover
Who can open :
- Individuals, either single or jointly with other individuals including minors represented by guardian & HUF. The deposit should not be accepted from other type of customers like associations, clubs, partnership, Limited Company, etc.
Period of Investment
Amount of Deposit
- The depositor can start investing with a minimum of Rs. 100/- and in multiples of Rs 100/- up to a maximum of Rs 1,50,000 in a year - any number of times.
Rate of Interest
- At the latest prevailing interest rates for five–year term deposit from time to time.
- Additional interest is paid to Senior Citizens as payable to term deposits.
Premature Closure/Loan against the deposit
- No premature closure /loan is permitted and also deposits cannot be taken as collateral security for any other facility. However, premature closure is permitted in case of death of the depositor.
- Nomination facility is available under the scheme as per the rules applicable from time to time. No nomination shall be made in respect of term deposit held by or on behalf of minors.
Tax deduction at source
- Tax will be required to be deducted at source, as in the case of normal term deposits and in applicable cases, branches can accept self-declaration in Form 15G or 15H as the case may be, from the depositor.
Permanent Account Number
- Corp Tax Saver Plus deposits cannot be opened without PAN. The signature of the Assesse should be taken in the passbook and on the Annual Statement containing the Certificate clause, before handing over the passbook/statement.
- The depositor can claim exemption under Section 80(C) for the amount which he /she had deposited under this scheme.
Age of the Account Holder
- Not to exceed 65 years as on date of opening of the account to get PA cover
- Passbook would be issued to the customer recording the credits made into the account, along with maturity value and rate of interest.
Personal Accident Insurance Cover
- FREE Personal Accident Insurance Cover of Rs. 1.00 lakh per depositor for one year.