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Features:
Eligibility
All individuals and HUF having PAN are eligible to invest in this product. Firms, Companies, Trust, Societies, Clubs, Institutions, Corporates etc., are not allowed to invest in this product.
The deposit can be of Single holder type or Joint holder type. 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.
Benefit under Section 80 C
Exemption under section 80 C of Income Tax Act can be claimed by the depositor in case of single depositor or the first holder in case of joint depositors, within eligible investments.
Scheme Code
TD027- Union Tax Saver DRC TD026- Union Tax Saver FDR TD025- Union Tax Saver MIS
Types of Deposit
Option to open in FDR, MIS or DRIC scheme as per the choice of the customer.
Minimum Period
5 years
Maximum Period
10 years
Lock In Period
5 Years
Minimum Deposit Amount
Rs 5000/- and in multiple of Rs 1000/- thereof.
Maximum Deposit Amount
Rs.1,50,000/- In a financial year.
Rate of Interest
The rate of interest is payable as per interest table available on the Bank’s website.
Interest payment Frequency
Will be paid on quarterly or half yearly interval as per the choice of the customer if the deposit is opened in FDR scheme. Will be paid on monthly interval if the deposit is opened in MIS scheme. In case the account is opened in DRIC scheme interest is paid on maturity along with principal amount.
TDS
TDS will be deducted as per guidelines
Loan Facility
The term deposit can be pledged to secure loan or as security to any other asset, only after the lock in period of 5 years. This will be subject to the terms and conditions governing such loans/advances.
Nomination Facility
Available as per guidelines.
Automatic Renewal
No Auto Renewal Facility.
Premature Closure
Allowed only in case of death of the primary account holder.
Penalty on Premature Closure
No Penalty