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HDFC offers the 5-year tax saver fixed deposit scheme for all Non-Resident Indians (NRIs) and people of Indian origin. All customers will be eligible to claim tax exemption under Section 80C of the Income Tax Act. NRO tax saver schemes are an ideal investment option for NRIs as they not only help them park their funds but also gain a certain tax advantage. Please note that this tax benefit can only be availed by NRIs if he/she has earned anything other than interest income and long-term capital gains.
|Tenure||Interest Rate for Investment less than Rs. 1 crore||Interest Rate for Investment from Rs.1 crore to less than 5 crore|
*Please note that interest rates are subject to change without prior notice. This will be done at the discretion of the bank.
The interest earned on these types of deposits are subject to tax and thus can be deducted at source. In case of NRO tax saver deposits, a total of 30.90% tax will be deducted as per existing tax laws that prevail in the country.
A tax saver deposit basically refers to a type of fixed deposit account where interest is paid on a regular basis just like a regular fixed deposit scheme. The only difference here is that this gives the holder a certain tax benefit.
No. This type of tax saver deposit is only for NRIs or people of Indian origin
Ideally, one can also have an NRO savings account and a tax saver deposit. However, it is not mandatory to have an NRO savings account to open an NRO tax saver deposit.
Valid documents such as passport, visa, or PR slips should be submitted at the time of opening an account.
Yes, it is. However, one cannot generally close a tax saver deposit scheme unless the lock-in period has been completed.
Interest is paid at the time of maturity. However, all customers are also eligible to avail the option of being paid interest on a quarterly or monthly basis.
In case of such an occurrence, it is very important to notify the bank so that an appropriate action can be taken. If the account holder does not inform the bank about this happening it will lead to a breach of contract.