Union Bank Easy Tax Saver Fixed Deposit Scheme is a tax saving fixed deposit (FD) scheme where you can make deposits on a monthly basis or as a lump-sum amount. Not only does this scheme help you maximise your savings over a period of time, but also provides you tax benefits under Section 80C of the Income Tax Act, 1961. The interest rate offered under this scheme is 5.55% p.a.
|Lock-in period||5 years|
|Interest rate||5.55% p.a.|
|Payment of interest frequency||Interest will be paid on maturity along with the principal amount|
|Tax deducted at source||Applicable as per existing guidelines|
|Nomination facility||Available as per existing guidelines|
|Premature closure||Allowed in case of the demise of the primary account holder|
|Passbook or receipts||Passbook will be issued|
Under this scheme, you will have to make a minimum deposit of Rs.1,000 for a tenure of five years. There is a lock-in period of five years which means you cannot withdraw any amount during the said time period unless in case of the demise of the primary account holder. The maximum amount you can deposit is Rs.1.5 lakh.
You will continue to earn the prevailing deposits applicable for a tenure of five years on your deposits. Once the account matures, the bank will credit the maturity amount.
You can also claim a tax exemption on the amount you deposit. The bank will issue a system-generated annual statement so that you can claim your tax exemption.
No, the tenure is fixed for a period of five years. Once your account matures, you can choose to reinvest again for another five years. The tenure is fixed.
No, you cannot change your deposit amount.
Yes, you can deposit a lump-sum amount.
Get in touch with the bank in case your total deposit amount is above Rs.2 crore.
Yes, you need to have an account with the bank to invest in this FD scheme.
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