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    Vijaya Bank Tax Savings Scheme

    Institution Name
    Deposit Amount Range
    Tenure Range
    Interest Rate
    Up to ₹1Cr
    7 Days to 10 Years
    4% to 8% Monthly compounding
    Response Time Within 30 minutes
    NRI - FD
    Up to ₹1Cr
    1 Year onwards
    7% - 7.5% Monthly compounding
    Response Time Within 30 minutes

    Vijaya Bank Tax Savings Scheme is Rated as "Great!" by 6 Users

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    Promised Interest Rate

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     Overview on Vijaya Bank Tax Savings Scheme

    Vijaya Tax Savings Scheme is one of the innovative term deposit products designed by Vijaya Bank so that individuals who avail it can qualify for tax benefits under Section 80C of the Income Tax Act.

    Features and Benefits of Vijaya Tax Savings Scheme

    • The tenure of deposits extends to a maximum of five years.
    • The rate of interest applicable to the scheme will change from time to time, but senior citizens can avail extra interest.
    • Individuals who avail this scheme can choose between the cumulative and non-cumulative option depending on how they wish to make deposits.
    • Individuals who avail the scheme and make deposits as necessary can avail tax benefits under Section 80C of the Income Tax Act.
    • The minimum amount of money that can be deposited into this scheme is Rs.100.
    • The maximum amount of money that can be deposited into this scheme is Rs.1.5 lacs per financial year.
    • Premature withdrawal of deposits is not allowed under this scheme.
    • Individuals will not be allowed to pledge their deposits as security or to secure credit.

    Vijaya Bank Tax Savings Scheme Interest Rates

    Vijaya Tax Savings Scheme Rates of Interest
    Tenure Interest Rate(Below 1 Crore) Interest Rate(1 Crore to Below 5 Crores)
    5 Years 7.25% p.a. 6.75% p.a.

    Senior citizens will receive an additional interest of 0.5% p.a. The bank currently accepts deposits only for a period of 5 years and the rates can be changed by it at any time.

    Updated on 22 September ‘16

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    Vijaya Bank Tax Savings Scheme Reviews

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