Term Deposit Account

KB "KAINEETAM" DEPOSIT ACCOUNT(SEASONAL ACCOUNT)
PRODUCT TO SENIOR CITIZEN TO SAVE TAX – SPECIAL FIXED DEPOSIT. THIS SCHEME WILL DECLARE A SHORT PERIOD IN VARIOS SEASONAL TIME (LIKE VISHU, ONAM, RAMZAN, X-MAS ETC) AND WILL BE INFORMED BY THE BANK TIME TO TIME

TAX SAVER FIXED DEPOSIT ACCOUNT	FEATURES
Eligibility Criteria	Any individual Tax payers with production of KYC and having PAN age 60 years and above
Amount of deposit	Minimum Rs. 1000 Maximum limit Rs. 150000
Basic Fixed Deposit facility	Applicable
Benefit	Tax benefits under section 80C of Income Tax Act, 1961. Interest compounded quarterly, Special addl rate @0.2% in addition to senior citizen 0.5%, i.e.addl 0.7% above the normal rate(subject to permission of RCS)
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

Back to Term Deposit Account