The IndusInd Tax Saving Fixed Deposit Scheme offers deposits the opportunity to earn an attractive rate of interest on lump-sum amounts up to Rs.1.5 lakh while also availing tax deductions of up to Rs.1.5 lakh (including other exemptions in this category as per the Income Tax Act, 1961). Senior citizens can avail 0.50% additional interest on their fixed deposit. There is a 5-year lock-in period for this due to the tax benefits.
IndusInd Bank offers the Tax Saving Fixed Deposit Scheme, 2006, with which you can get tax exemptions on your investments. The scheme comes with a lock-in period of 5 years. Let's know a bit more about this plan.
General depositors can get 6.50% p.a. as interest whereas senior citizens can get 7.00% p.a. You can deposit a minimum of Rs.1,000 and a maximum of Rs.1.5 lakh with this scheme. The lock-in period is 5 years before which you cannot withdraw funds from your FD account. Note that the interest rates are subject to change as per the discretion of the bank.
|Account type||Term deposit/Special term deposit|
It's recommended to calculate your IndusInd Bank FD interest rate before hand so that you know how much returns you will receive in the future. In order to do that, you can use any online fixed deposit calculator.
You can visit any bank branch near you with relevant documents, and a representative will guide you through the application process.
|Eligibility to Open a FD||
|Benefits of a SBI tax saving fixed deposit||
10 years is the maximum tenure of the IndusInd Bank Fixed Deposit Scheme.
The minimum tenure of the IndusInd Bank Fixed Deposit Scheme is 7 days.
No, premature withdrawal is not available for Indus Tax Saver Deposit Scheme.
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