SBI Tax Savings Scheme, 2006

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SBI Tax Savings Scheme, 2006
  • Features

 Deposits in this Scheme gives Tax benefits under section 80C of Income- tax Act,1961.

Features

  • Tenor: Minimum: 5 years - Maximum: 10 years.
  • Quarterly compounded Interest.
  • Lock-in period of 5 years.
  • No Loans or advances against these deposits is allowed during lock in period.
  • Term Deposit shall not be pledged to secure loan or as security to any other asset.
  • Pre-mature payment is not allowed before the expiry of five (5) years from the date of its receipt except in case of death of depositor.
  • Resident Indians for himself/ herself as an individual or in the capacity of the Karta of HUF having PAN.
  • Interest Rate as applicable to Term Deposits.
  • Minimum Deposit: Rs. 1,000/- or multiples thereof.
  • Maximum Deposit: Not exceeding Rs. 1,50,000/- in a year.
  • Type of account will be Term Deposit (TD) account / Special Term Deposit(STD).
  • Nomination facility is available.
  • In the event of death of first account holder in case of joint account, the other holder of the deposit shall be entitled to encash the deposit before its maturity/ within lock in period by making an application to the Branch, supported by proof of death of the first holder of the deposit.
  • The deposit may be transferred from one branch, from which it has been issued, to another branch, on the depositor making an application, at either of the two branches.
  • Term Deposit shall not be transferred to another Bank.
  • Deposit Advice to be issued by the Branches on A4 size paper sheet and customer should be asked to affix his/her signature on the front of the A4 size paper sheet at a suitable place.

 


Last Updated On : Wednesday, 17-08-2022

Interest Rates

8.50%* p.a. onwards

w.e.f. 05.04.2024

*T&C Apply.

 

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