Individuals or Hindu Undivided Families (HUFs) who pay the Income Tax and have a Permanent Account Number (PAN) can avail the benefits of the CENT Tax Saving Deposit scheme. The scheme comes with a fixed tenure of 5 years.
|Account Type||Both single and joint account can be opened and maintained|
Minimum - INR 100
Maximum - INR 1,50000 (per financial year)
|Rate of Interest||5.10% p.a.|
|Lock in Period||5 years|
|TDS||Tax will be deducted at source, with accountholders expected to submit a self-declaration through Form 15G or 15H|
|Loan against CENT Tax Saving Deposit||No loan facility available|
|Nomination||Nomination facility available, except for accounts held on behalf of minors|
The CENT Tax Saving Deposit account from Central Bank of India can be opened by the following.
Currently, the rate of interest offered by the scheme is 5.10% p.a.
Note: Individuals should check the interest rates with the bank before opening an account as Central Bank of India maintains the right to change rates without prior intimation and at its sole discretion.
No, this account cannot be opened and maintained by societies, clubs, companies, etc.
There is no limit on the number of times an individual can deposit money into the account, subject to the deposits not exceeding INR 1,50,000 a year.
Senior citizens might be entitled to an interest which is 0.5% higher than regular interest rates.
No, premature withdrawal is not permitted under general circumstances. This is allowed only in the event of death of depositor.
No, the deposited money cannot be utilised as security/collateral for any purpose.
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