This article offers a brief summary of the key aspects of the Indian Overseas Bank‘s 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.
IOB Bank – Tax Saver Deposit Features:
- Under this scheme, an individual can deposit a maximum of Rs. 1,50,000/- in a year (from 1st April to 31st March), with a minimum deposit of Rs. 10,000/-.
- Deposits are accepted for 5 to 10 years and can be made as a reinvestment deposit (RDP), Fixed Deposit, or Special Fixed Deposit (SFD), with interest payable half-yearly, quarterly, or monthly.
Key features:
- Loan facility is unavailable against the deposit, and the deposit itself cannot be used as collateral.
- In case of the depositor’s death, the nominee can claim the deposit before or after maturity, following the current claim settlement guidelines. If there’s no nominee, legal heirs can claim the deposit.
- Deposits qualify for Income Tax exemption under section 80C, alongside other approved investments, with a maximum limit of Rs. 1.50/- lacs.
How to invest?
Click here to invest in the Indian Overseas Bank’s 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.