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Term Deposit Account

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KB TAX SAVER FIXED DEPOSIT ACCOUNT
PRODUCT TO SAVE TAX
TAX SAVER FIXED DEPOSIT ACCOUNT FEATURES
Interest application Interest is compounded quarterly and paid on maturity
Amount of deposit Minimum Rs. 1000
No maximum limit
Basic Fixed Deposit facility Applicable
Eligibility Criteria All individuals and having PAN and comply KYC are eligible to invest in this product.
Firms, Companies, Trust, Societies, Clubs, Institutions, Corporate etc., are not allowed to invest in this product
Benefit Tax benefits under section 80C of Income Tax Act, 1961.
Others
  • Maximum amount of Deposit Rs.1,50,000 in a year with a minimum of Rs. 1,000 or multiples thereof
  • Period of deposit 5 years only
  • No Premature closure before the expiry of 5 years from the date ofdeposit (lock in period)
  • No loan facility
  • In the case of joint holder type deposit, the deduction from income under Section 80 C of the Act shall be available only to the first holder of the deposit
  • Interest is liable to Tax

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