TMB Tax Saving Fixed Deposit lets you earn attractive returns on your deposits. The term deposit qualifies for tax deductions under Section 80C of the Income Tax Act. The lender offers its customers the facility of withdrawing interest on a monthly, quarterly, half-yearly, and annual basis. The tax saving term deposit can be opened with a minimum deposit of Rs.100 with the interest rate being 5.50% p.a.
The interest offered on TMB Tax Saving Fixed Deposit is 5.50% p.a. for general citizens. Senior citizens are also offered the same interest rate for opening the term deposit account. The Tax Saving FD can be opened for a tenure that ranges between 5 and 10 years.
The important details of TMB Tax Saving FD are listed below:
|Account type||Term deposit|
Maximum: Rs.1.5 lakh
Minimum: 5 years
Maximum: 10 years
|Rate of Interest||5.50% p.a. (for general and senior citizens)|
|Premature withdrawals||Not Available|
Note: Interest rates applicable with effect from 1 September 2020.
Other Tax Saving Scheme
You can use BankBazaar’s fixed deposit calculator if you want to calculate the amount which you will get at the time of maturity for opening a TMB Tax Saving FD. You can key in details like deposit amount, interest rate, and tenure to know the amount you will receive at the end of the tenure.
A TMB Tax Saving FD can be opened by any individual and Hindu Undivided Families (HUFs). They will however need to provide their Permanent Account Number (PAN) to open the term deposit account.
Yes, the term deposit can be transferred from one branch to another under the same name. It must be noted here the transfer of the account to another person is not allowed.
The interest earned on the term deposit is taxable under the Income Tax Act. TDS is applicable as per the existing norms.
Yes, joint deposits are permitted under Tax saving FDs.
Preclosure of TMB Tax Saving FD is not allowed.
No, the tax benefit goes to the first holder only under Section 80C of the Income Tax Act.
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