Bank of Maharashtra Tax Saving Fixed Deposit
Under Section 80C of the Income Tax Act, 1961, you can claim a tax deduction if you have a tax saving fixed deposit. To claim the deduction, your deposit amount has to be up to Rs.1.5 lakh within a financial year (1 April of the current year to 31 March of the next year).
The tenure of the deposit should be 5 years. You can open a tax saving fixed deposit with Bank of Maharashtra with a deposit amount of Rs.100.
Interest Rates on Bank of Maharashtra Tax Saving Fixed Deposit
Tenure | Interest rate per annum |
5 years | 5.75% |
Features of Bank of Maharashtra Tax Saving Fixed Deposit
These are the features of the Bank of Maharashtra Tax Saving Fixed Deposit:
Minimum deposit amount | Rs.100 |
Minimum tenure | 5 years |
Premature closure | Only at the time of death of the depositor |
Loan against fixed deposit | No |
Trading and pledging | No |
Nomination facility | Yes |
Transferability | Yes |
Key Features of the Bank of Maharashtra Tax Saving Fixed Deposit
- To open a tax saving fixed deposit, you should make a minimum deposit of Rs.100.
- The minimum tenure of the deposit is 5 years.
- At the time of death of the depositor, the nominee/nominees are entitled to prematurely close the deposit.
- Transfer of the deposit is possible between Bank of Maharashtra branches.
- A nomination cannot be made if the tax saving fixed deposit is held by/opened on behalf of a minor.
- The tax saving fixed deposit cannot be pledged.
Eligibility for Bank of Maharashtra Tax Saving Fixed Deposit
You can open a tax saving fixed deposit with Bank of Maharashtra if you fall under these categories:
- Individuals
- HUF (Hindu Undivided Family)
Mode of Holding for a Bank of Maharashtra Tax Saving Fixed Deposit
- Single holder deposits: A single holder deposit receipt will be issued by the bank for you or in the capacity of the Karta of the Hindu Undivided Family.
- Joint holder deposits: A joint holder deposit receipt will be issued jointly to an adult and a minor, or two adults, payable to either of the deposit holders or the survivor. The deduction under Section 80C of the Income Tax Act, 1961 will be available to the first holder of the fixed deposit.
FAQs on Bank of Maharashtra Tax Saving Fixed Deposit
- How do I contact Bank of Maharashtra for queries regarding my tax saving fixed deposit?
You can reach out to the Bank of Maharashtra customer care department by calling one of these toll-free numbers: 18002334526 or 18001022636.
- Will the bank replace the term deposit receipt if I have misplaced it?
The bank will issue a duplicate receipt if the deposit has been stolen/lost/destroyed. You can apply for a duplicate receipt at the branch where your original receipt was issued. When you apply for a duplicate receipt, you should attach a statement with details like the deposit amount, date of the receipt, and the circumstance that led to the theft/destruction/ loss of the receipt.
- Do I have to pay tax on the interest that I earn on the tax saving fixed deposit?
Yes, you will be taxed on the interest you earn on the tax saving fixed deposit under Section 194A or Section 195.
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