This article offers a brief summary of the key aspects of the City Union Bank’s Income Tax Saver Deposit schemes. Since these details are subject to frequent updates, please refer to the bank’s official website for the most current information on features and interest rates.
City Union Bank – Income Tax Saver Deposit Features:
- The maximum amount allowed, not exceeding Rs. 1,50,000/- for a financial year, applies to both schemes.
- The tenor for these schemes is fixed at 5 years with no option for loans or pre-closure.
- For the Tax Saver Silver Deposit, simple interest is paid on a monthly or quarterly basis, while for the Tax Saver Gold Deposit, cumulative interest is paid upon maturity.
- TDS is deducted at the prevailing Income tax rate if Form 15G/15H is not submitted.
- These schemes offer tax savings under Sec 80C of the Income Tax Act.
How to invest?
Click here to invest in the City Union Bank’s Income Tax Saver Deposit schemes.
Note: The information presented here is sourced from publicly available data. We cannot be held responsible for any inaccuracies in the details. For the most current and accurate information, please visit the official website of the respective bank/institution.