• Vijaya Bank Tax Savings Scheme

    The Vijay Tax Savings Scheme is a 5-year investment option that offers tax benefits under Section 80C of the Income Tax Act, 1961. Vijaya Bank fixed deposits are a great option for all types of investors and the bank has a variety to offer when it comes to FDs. Vijaya Bank interest rates are on par with industry standards.

    Given below are the revised interest rates offered on the Vijay Tax Savings Scheme with effect from 6 July 2018 for regular and senior citizens:

    Maturity Period Regular Interest Rates Senior Citizen Interest Rates
    5 years (less than Rs.1 crore) 6.75% 7.25%
    5 years ( Rs.1 crore & above) 6.00% NA

    Vijaya Bank Tax Saver Rates

    • The rate of interest offered for a tax saver deposit that is less than Rs.1 crore is 6.75% p.a.
    • Senior citizens will get an additional rate of 0.50% for all deposits that are less than Rs.1 crore, which works out to be 7.25% p.a.
    • For all tax-saver deposits that are Rs.1 crore and above, the rate that is paid is 6.00% p.a.
    • It is important to note here that no matter how much one invests in this type of FD, the tax benefit offered will not exceed Rs.1.5 lakh.

    Features & Highlights

    • Benefit of up to Rs.1.5 lakh: The tax exemption that can be claimed from this type of tax saver scheme is Rs.1.5 lakh under the provisions offered under Section 80C of the Income Tax Act in India.
    • 5-year lock in: There is a compulsory lock-in period of 5 years when it comes to these types of tax saver plans. This means that there cannot be any type of premature withdrawal that can be made unlike other types of fixed deposits.
    • Senior citizen rate: All senior citizens who are investing in a fixed deposit will get an additional 0.50% p.a. for all tax saver deposits that are less than Rs. 1 crore in Vijaya Bank.
    • Interest payout: Depositors can also choose to get interest paid at regular intervals instead of waiting for the maturity period.

    Updated on September ‘18

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    Vijaya Bank Tax Savings Scheme Reviews

    • Vijaya Bank
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a fixed deposit with the Vijaya Bank. I deposited 2 Lacs, the interest rate is 7.6 %, the tenure of the FD is 2 years. Comparatively the interest ate is low. I never faced any issues with their services.
      Was this review helpful? 12
      , ahmedabad
      Reviewed on Jul 28, 2018
    • Vijaya Bank
      Vijaya Bank
      "Happy service"
      0.5 4.0/5 "Great!"
      My fixed deposit account was maintained with Vijaya Bank. Its a one time investment of 3L. The branch is near to my place and they send the statements to my email address. They have guided me on online facilities, they were really helpful to me.
      Was this review helpful? 4
      , chennai
      Reviewed on Jan 02, 2018
    • Vijaya Bank
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      I am having the fixed deposit account with the Vijaya bank and the interest rate is around 6.5% and the customer service is good one , also they are nearby my locality and also the access is really friendly. Online services are good one with the Vijaya bank.
      Was this review helpful? 4
      , mumbai
      Reviewed on Jun 09, 2017
    • Vijaya Bank
      "Better returns"
      0.5 4.0/5 "Great!"
      I have a Fixed deposit with Vijaya Bank. Their interest rates are good since its a nationalised bank. They gave me an interest rate of 9% before tax deductions and it is a one year scheme. Its highly recommendable being secure and yielding good returns.
      Was this review helpful? 4
      , secunderabad
      Reviewed on Mar 17, 2016
    • Vijaya Bank
      "Good Rate "
      0.5 3.0/5 "Satisfactory"
      Interest rate offer by viajay bank for the fixed deposit is 8.86% for the minimum lock in period of 12 months. In case the tenure is increased the interest rate will also increase. There is no activation charges. In case we break the tenure in between then interest will not be calculated. . Online facility is available.
      Was this review helpful? 14
      , mumbai
      Reviewed on Dec 31, 2015
    • Vijaya Bank
      "It is good"
      0.5 4.0/5 "Great!"
      Vijaya bank is the best one to have the fixed deposit because of the service like they used to listen customers properly. Rate of interest got reduced up to 8% as around, which is low. The minimum lock in period is around 24 months of time. Rather than rate of interest they are good.
      Was this review helpful? 8
      , lucknow
      Reviewed on Nov 04, 2015
    • Vijaya Bank
      0.5 4.0/5 "Great!"
      I have a Fixed deposit with Vijaya Bank and the rate of interest has been excellent. The services are always good. Prompt response I get in regards to this account as I have this account with them for the last 31 years.
      Was this review helpful? 4
      , mumbai
      Reviewed on Jun 16, 2015
    • Vijaya Bank
      "Overall friendly services"
      0.5 4.0/5 "Great!"
      Vijaya bank services is good in terms of fixed deposit. I did approach this bank for my flexibility as the branch is nearby. For a year, the interest rate is 9.50% which is a compound interest rate. Through branch, i do the deposit and the returns are quite good. Overall it is a friendly services.
      Was this review helpful? 6
      , hubli
      Reviewed on Sep 06, 2014
    • Vijaya Bank
      "Fully Satisfied with Service"
      0.5 4.0/5 "Great!"
      Vijaya Bank Fixed Deposit i am using from past 10 years, best part is interest rate is good, i got my fixed deposit slip on time, i am having break up facility, customer service was very polite, they have good facilities, everything is fine with in 2 days i opened my fixed deposit account, there was no extra charges for opening fixed deposit.
      Was this review helpful? 7
      , bangalore
      Reviewed on Jul 05, 2014
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