SBI Tax Savings Scheme offers Tax benefits under Sec. 80C of Income Tax Act.
Type of Account : Term Deposit (TD) account / Special Term Deposit (STD) account.
Minimum period of deposit – 5 Years
Maximum period of deposit - 10 Years
Available at all branches.
Minimum deposit amount Rs. 1,000/- (and in multiples of Rs. 100/- thereafter for Senior Citizen Min Dep is Rs. 10000/-
Maximum deposit amount not exceeding Rs. 1,50,000/- in a financial year to take the advantage of 80C.
Rate of interest as applicable to Term Deposits for Public and Senior Citizens.
Payment of interest as applicable to Term Deposit/ Special Term Deposit
TDS is applicable at prevalent rate. Form 15G/15H can be submitted by the depositor to get exemption from Tax deduction as per Income Tax Rules.
Nomination available for individuals only
Loan facility not available during the lock in period of five years.
Transferability allowed among branches.
No deposit shall be encashed before expiry of 5 years from date of deposit except in case of death of depositor.
Resident Indians for himself/ herself as an individual or in the capacity of the Karta of the Hindu undivided family, having Income Tax Permanent Account Number (PAN).
The joint account shall be issued jointly to two adults or to an adult and a minor.
Terms And Conditions
No term deposit shall be encashed before the expiry of lock in period of five years from the date of its receipt.
After completion of 5 years, premature closure will be allowed as per terms and conditions applicable to Term Deposit.
In case of death of account holder, the nominee/legal heirs can withdraw the deposit any time before or after maturity.
In case of death of first account holder in joint account, the other holder is entitled to withdraw the deposit before its maturity. The Bank shall pay interest at the rate applicable for the period deposit has run without any penalty