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.
Bank of Maharashtra offers 4.90% p.a. on its tax saving fixed deposit:
|Tenure||Interest rate per annum|
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|
You can open a tax saving fixed deposit with Bank of Maharashtra if you fall under these categories:
You can reach out to the Bank of Maharashtra customer care department by calling one of these toll-free numbers: 18002334526 or 18001022636.
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.
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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