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.
The Corp Tax Saver account from Corporation Bank can be opened by the following.
|
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 |
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.
Note: Individuals should check the interest rates with the bank before opening an account as Corporation Bank maintains the right to change rates without prior intimation and at its sole discretion. The rates mentioned above are for December 2015.
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 Rs 1.5 lakh a year.
Senior citizens are 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.
Useful Information on Corporation Bank Fixed Deposit
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