How to Save Tax with City Union Bank
The Income Tax Act allows individuals to claim exemptions while filing their Income Tax returns. City Union Bank has made available different financial products for its customers which are eligible to get tax deductions under the Sections of ITA.
We are always looking for ways to save income tax. Banks in India offer several products you can invest in for which you do not have to pay income tax. Many of them are savings instruments, while others are loans that are eventually an investment. With wise and careful planning, you can get the maximum income tax savings as well as secure your future and upcoming family expenses.
Save Tax with City Union Bank
City Union Bank (CUB), with its banking history of over 110 years, offers deposit schemes and loans that can help you save on income tax as well as save for the future at the same time. Most of the tax saving schemes fall under various subsection of Section 80 of the Income Tax Act.
City Union Bank Tax-Saving Instruments under Sections 80C, 80E and 80TTA
City Union Bank offers savings account, tax-saver fixed deposits, tax-saver gold and silver deposits, home loans and education loans where you can invest to save tax.
Under Section 80C
Section 80C covers life insurance premiums, PF contributions, investment in equity stocks and debentures, repayment of home loan, and income from deferred annuity plans such as fixed deposits. Under this section, you can make a maximum investment of Rs. 1.5 lakh in a year. You can invest this sum either completely or in parts in any of the financial plans given below.
- City Union Bank Tax-Saver Gold Fixed Deposit:Tax-Saver Gold Deposit Scheme is available for both the general public and senior citizens at 7.75 percent interest. The minimum deposit is Rs. 1,000 or multiples of it. The maximum deposit is Rs. 1 lakh and the tenure is 5 years.
- City Union Bank Tax-Saver Silver Fixed Deposit:Tax-Saver Silver Deposit Scheme can be availed by the general public as well as senior citizens at 7.75 percent interest. The minimum deposit is Rs. 100 or its multiples. The maximum deposit is Rs. 1 lakh and the deposit matures after 5 years.
- CUB Swyam Graha:Housing loan is available to individuals with a guaranteed source of income. Loan amount cannot exceed the net salary/income of the individual for 48 months. Loan of up to 75% of the total cost of the house or Rs. 25 lakh, whichever is bigger, can be taken. For self-employed, the maximum tenure available is 10 years, and for the salaried, a maximum of 15 years is available for repayment in the form of EMIs. Interest rate – 11% to 13.5% on reducing interest basis.
Under Section 80E
Section 80E covers the educational loan taken from banks and other financial institutions and certain charitable institutions.
- CUB Vidyavani: Educational loan is available at different rates of interest ranging from 14% to 16.25% for girls and boys for admission on merit as well as on management quota. Loan is available for studies in India as well as abroad. A maximum of Rs. 10 lakh for domestic studies and Rs. 20 lakh to study abroad. For loans of more than Rs. 7.5 lakh, both collateral guarantee with immovable property and third party guarantee is required.
Under Section 80TTA
Savings account interest is exempted from income tax under Section 80TTA, up to Rs. 10,000 yearly for individuals. City Union Bank Savings Account offers 4% p.a. as interest on savings accounts.
You can avail the tax-saving financial products of City Union Bank at the nearest branch of the bank or through aggregator websites.
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