KVB Tax Saving Deposits
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.
Features of KVB Tax Saving Deposits
Some of the features of the KVB Tax Saving Deposits are:
- Avail tax benefits under Section 80C of the Income Tax Act
- Maximum deposit allowed is Rs.1.5 lakh
- A lock-in period of 5 years is applicable
- Monthly and quarterly interest payout option is available
- Cumulative deposit option is also available
- Nomination facility is available
Eligibility Criteria for KVB Tax Saving Deposits
The eligibility criteria for opening an KVB Tax Saving Deposits is that the individual should be an Indian Resident.
Interest Rate for KVB Tax Saving Deposits
The interest rate for KVB Tax Saving Deposits for the general public and senior citizens is as given below:
Tenure | Interest Rate |
5 years | 5.90% |
*These interest rates are effective from 16 August 2023 and are liable to change as per the bank's policies
FAQs on KVB Tax Saving Deposits
- What is the minimum deposit allowed under the KVB Tax Saving Deposit scheme?
The minimum deposit allowed under the KVB Tax Saving Deposit scheme is Rs.100.
- Is premature closure allowed under the KVB Tax Saving Deposit?
No, premature closure is not allowed under the KVB Tax Saving Deposit as it has a lock-in period of five years.
- Will joint account holders of the KVB Tax Saving Deposit scheme both get tax deductions?
No, tax deductions under the KVB Tax Saving Deposit scheme can only be availed by the deposit's primary or first holder.
- Can I avail a loan against KVB Tax Saving Deposit scheme?
No, loan facility is not available under the KVB Tax Saving Deposit scheme.
- Is TDS applicable for KVB Tax Saving Deposit scheme?
Yes, Tax Deducted at Source (TDS) is applicable on the KVB Tax Saving Deposit scheme.
- Do senior citizens get additional interest rate on 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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