This article offers a brief summary of the key aspects of the JK Bank’s Tax Saver Term 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.
JK Bank – Tax Saver Term Deposit Features:
- The deposit amount starts at Rs. 1000/- and can be made in multiples of this sum, with tenures ranging from 5 to 10 years. Three options are available:
- Option I (TSTDS –I): Simple interest is applied quarterly, similar to an FDR, and paid out to the customer every quarter in cash or credited to their account.
- Option II (TSTDS –II): Discounted simple interest is paid out to the customer in cash or credited to their account at the end of each month.
- Option III (TSTDS –III): Compound interest is paid along with the principal upon maturity. The interest rate remains fixed for all these options.
- Income Tax benefit under section 80C of the Income Tax Act 1961 is applicable, subject to a maximum deposit of Rs. 1.50 lakh per year across all the options of the Tax Saver Deposit Plan.
- Premature withdrawal is not permitted until completion of 5 years, and there’s no provision for a loan facility.
How to invest?
Click here to invest in the JK Bank’s Tax Saver Term 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.