KVB Tax Saving Deposits is a fixed deposit scheme that provides tax benefits along with assured rate of interest and the safety of your fixed deposit. The bank offers both cumulative and non-cumulative options under this fixed deposit scheme.
Other Tax Saving Schemes
Some of the features of the KVB Tax Saving Deposits are:
The eligibility criteria for opening an KVB Tax Saving Deposits is that the individual should be an Indian Resident.
The interest rate for KVB Tax Saving Deposits for the general public and senior citizens is as given below:
*These interest rates are effective from 1 June 2021 and are liable to change as per the bank's policies
No, premature closure is not allowed under the KVB Tax Saving Deposit as it has a lock-in period of five years.
The minimum deposit allowed under the KVB Tax Saving Deposit scheme is Rs.100.
No, tax deductions under the KVB Tax Saving Deposit scheme can only be availed by the deposit's primary or first holder.
No, loan facility is not available under the KVB Tax Saving Deposit scheme.
Yes, Tax Deducted at Source (TDS) is applicable on the KVB Tax Saving Deposit scheme.
No, senior citizens get the same interest rate as the general public under the KVB Tax Saving Deposit Scheme.
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