Corp Tax Saver Plus Deposit Scheme
With taxes integral to our way of life in India, it can be hard to save money after paying all the taxes and making money is often easier than saving money, which is what makes Corp Tax Saver unique.
This tax saving term deposit scheme from Corporation Bank is designed to help you save tax, ensuring your hard earned money can be yours, serving the dual role of a savings cum growth plan.
Also, Check - Fixed Deposit
Eligibility Criteria to Apply for Corp Tax Saver Plus
The Corp Tax Saver account from Corporation Bank can be opened by the following:
- An individual in his/her own name
- A joint account between two or more individuals
- A guardian or a parent can open this account for a minor
- Hindu Undivided families
- An accountholder should be under the age of 65 years while opening this account
Features of Corp Tax Saver PlusDeposit Scheme
Account Type | Both single and joint account can be opened and maintained |
Amount | Min – Rs 100/-Max - Rs 1.5 lakh per year |
Rate of Interest | The interest rate depends on the rates offered by Corporation Bank at a particular point of time |
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 Corp Tax Saver | No loan facility available |
Nomination | Nomination facility available, except for accounts held on behalf of minors |
Auto Renewals | NA |
Corp Tax Saver Plus interest rates
The interest rate offered by Corporation Bank on the Corp Tax Saver depend on bank policies, with rates subject to change accordingly. The current interest rate for this account is 7.25% per annum for regular accountholders. Senior citizens are entitled to a higher interest rate.
FAQs on Corp Tax Saver Plus Deposit Scheme
- Can this account be opened by Associations or clubs?
No, this account cannot be opened and maintained by societies, clubs, companies, etc.
- Is there a limit on the number of times an individual can deposit money into this account?
There is no limit on the number of times an individual can deposit money into the account, subject to the deposits not exceeding Rs 1.5 lakh a year.
- How much additional interest is paid to senior citizens?
Senior citizens are entitled to an interest which is 0.5% higher than regular interest rates.
- Is premature withdrawal permitted in this account?
No, premature withdrawal is not permitted under general circumstances. This is allowed only in the event of death of depositor.
- Can the money deposited into this account be used as collateral for a loan/overdraft?
No, the deposited money cannot be utilised as security/collateral for any purpose.
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