People who are customers of DCB Bank could save tax by making investment in the various multi-functional products offered by the bank. However, the tax deduction benefits can be availed by the customers only while filing the income tax returns.
Paying income tax may be mandatory, but there are various ways in which you could save on the tax by investing in the right schemes. From savings account to fixed deposits and home loan, there are various instruments you can invest in. These investments can help you secure your future without burdening your present, while saving you some money through tax exemptions. DCB Bank, an emerging private sector bank with more than 176 branches in 17 states and 2 union territories, offers some interesting tax-saving products that you can take advantage of.
Under the Income Tax Act, there are many provisions and sub-sections that allow tax deductions on many types of your investments. DCB Bank offers some such products that fall under the purview of the Act and allow you to pay less tax and save for your future at the same time. Let us take a look at the schemes and the I-T Act sections that you need to know about.
The tax-saving products offered by DCB Bank fall under various sections of the Income Tax Act. DCB Bank offers savings account, fixed deposits, insurance policies and home loans – all of which can help you reduce the total amount you pay to the taxman at the end of the financial year.
The following financial products fall under Section 80C:
You can invest up to Rs. 1.5 lakh yearly under Section 80C. Here are the DCB Bank products that fall under this section:
Section 80D of the Income Tax Act covers medical insurance premiums and contributions to a Union Government health scheme. DCB Bank offers health insurance policies in collaboration with ICICI Lombard General Insurance.
The following health policies are available at DCB Bank:
Interest accrued on savings account, up to Rs. 10,000 per year, is deductible from income tax under Section 80TTA.
DCB offers 7 different savings accounts.
These tax-saving instruments of DCB Bank can be availed from the nearest branch of the bank or through online sites.
Credit Card:
Credit Score:
Personal Loan:
Home Loan:
Fixed Deposit:
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