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