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Taxation in India is quite detailed and most of the time, it is noticed that if proper care is not taken in saving, one’s earnings are set back through income tax. The CENT Tax Saver Deposit scheme proves its uniqueness by providing an avenue for savings, as well as protecting the savings from unnecessary tax cuts. This tax saving term deposit scheme from Central Bank of India is designed to help you save tax, making sure your hard earned money can be yours, serving the dual role of a savings cum growth plan.
The CENT Tax Saver Deposit account from Central Bank of India can be opened by the following.
|
Account Type |
Both single and joint account can be opened and maintained |
|
Amount |
Minimum – INR 100 Maximum – INR 100000 (per financial year) |
|
Rate of Interest |
The interest rate depends on the rates offered by Central Bank of India on term deposits of up to 15 lakhs value and are subject to change as per the discretion of the bank |
|
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 |
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Loan against CENT Tax Saver Deposit |
No loan facility available |
|
Nomination |
Nomination facility available, except for accounts held on behalf of minors |
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Auto Renewals |
N/A |
The interest rate offered by Central Bank of India on the CENT Tax Saver Deposit depend on bank policies, with rates subject to change accordingly. The current interest rate for this account is 7.50% per annum for regular accountholders. Senior citizens may be entitled to a higher interest rate.
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. The rates mentioned above are for January 2016.
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 100000 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.
Useful Information on Central Bank of India Fixed Deposit
Other Fixed Deposit Schemes Offered by CBI
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