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Image Easy Tax Saver Deposit Scheme

Union Easy Tax Saver Deposit Scheme which gives you the flexibility to invest in Tax Saver Fixed Deposits through monthly instalments (Standing Instruction/SIP), in lump-sum, or as and when you have surplus funds for investing.

Easy Tax Saver Deposit scheme is aimed to provide you the flexibility to save tax, through systematic tax planning, by investing small amounts over a period of a FY and the amount so invested is eligible for exemption under 80C. This scheme enables you to invest any number of times upto Rs.1,50,000 in the F.Y.

In short Easy Tax Saver Deposit Scheme provides near risk free, guaranteed returns on your investment with flexibility, over the entire financial year. So, why wait, start now! Approach our nearest branch today and open an Easy Tax Saver Deposit Account.

Features:

Eligibility

All individuals and HUF having PAN are eligible to invest in
 this product.
The single holder type of deposit shall be issued to an individual for himself or in the capacity of the Karta of the Hindu undivided family. The joint holder type of deposit receipt may be issued jointly to two adults or jointly to an adult and a minor and payable to either of the holders or to
the survivor, provided that in the case of joint holder type deposit, the deduction from income under Section 80C of the
 Act shall be available only to the first holder of the deposit

Scheme Details

The scheme provides flexibility to the  customer  to invest in Tax
Saver Fixed Deposits through monthly installments (Standing instruction), in lump sum, or as and when he has surplus fund for investing.
The account will be in continuous deposit format. The depositor can start investing with a minimum of Rs.1,000/- and in multiples of Rs. 1,000/- any number of times up to a maximum of Rs. 1,50,000/- in a financial year.
Any deposit made in the account will be swept-out and locked-in
 for a period of 5 years.
 The latest prevailing rate of interest for 5 year as on the date of
 each deposit will be applicable.
System generated annual statement will be issued by the Branches
 to claim IT exemption.
The depositor can claim exemption under Section 80 (C) for the amount which he /she had deposited under this scheme during
 the FY.

Minimum Period

Each deposit created under this scheme will be for a period of
5 years

Maximum Period

Not Applicable

Lock In Period

5 years

Minimum Deposit Amount

Rs.1,000/- and in multiples of Rs. 1,000/- thereof.

Maximum Deposit Amount

Rs. 1,50,000/- in a financial year.

Rate of Interest

As per prevailing interest rate for five-year term deposit at
the time of creation of the deposit.

Interest payment Frequency

Interest is paid on maturity along with principal amount.

TDS

TDS will be deducted as per guidelines.

Loan Facility

Loans are not permitted and deposits cannot be taken as
collateral security for any other facility.

Nomination Facility

Available as per guidelines.

Automatic Renewal

Not Allowed.

Premature Closure

Allowed only in case of death of the primary
 account holder.

Receipts/Passbook

Passbook will be issued to the customer instead
of Receipts.