This article offers a brief summary of the key aspects of the Indian Bank’s Tax Saver 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.
Indian Bank – Tax Saver Scheme Features:
- This scheme is tailored for depositors seeking tax benefits under section 80C of the Income Tax Act.
- The minimum deposit starts at Rs.1000 or in multiples of Rs.100, with a maximum cap of Rs.150,000.
- The tenure ranges from a minimum of 5 years to a maximum of 10 years, and individuals or Hindu Undivided Families (HUFs) with a PAN Card can invest up to Rs.1,50,000/- within a financial year.
- Specifically crafted to leverage tax rebates under section 80C of the Income Tax Act, this scheme is available within FD/MMD schemes.
- For the initial 5 years, no loan or foreclosure options are permitted.
- Senior Citizens can enjoy an additional interest rate of 0.50% p.a.*.
- This added rate applies to an aggregate amount up to Rs.10 crore, encompassing all types of term deposits held by the Senior Citizen as the primary account holder across one or multiple branches.
How to invest?
Click here to invest in the Indian Bank’s Tax Saver 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.