Tax Exempt

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Personal Banking > Deposits Fixed Schemes > Tax Exempt

The Central Government has introduced Bank Term Deposit Scheme 2006,vide Notification No 203 / 2006, dated 28th July 2006, in exercise of the powers conferred by clause ( xxi ) of sub section (2) of section 80C of the Income Tax Act, 1961 ( 43 of 1961)

Benefits

  • Savings and investments in Fixed Deposits of not less than 5 years in scheduled banks would now qualify under section 80C of the Income Tax Act subject to the overall ceiling of  Rs.1,50,000/-  (Rupees one lakh fifty thousand only). This scheme is in line with the provisions of the Bank Term Deposit Scheme, 2006. To know about our current Interest Rates, please, please Click here