How to save Tax with Dena Bank

Dena Bank is an Indian public sector bank that was nationalised in 1969 and offers customers a broad range of tax saving banking products and solutions.

Save Tax With Dena Bank:

Customers of Dena Bank are eligible for tax benefits under sections of the Income Tax Act through tax savings products such as fixed deposit schemes, home loan schemes, educational loan schemes and much more.

Dena Bank Tax-Saving Instruments under Section 80C, 80D, 80E:

Individuals looking to save on tax can do so by applying for any of the following banking products through Dena Bank.

Under section 80C:

• Dena Bank Fixed Deposit Schemes:

• Dena Maha Tax Bachat Yojana:

Individuals or HUFs looking to avail of tax benefits under Section 80C of the Income Tax Act can invest in this fixed deposit scheme. However, the tax benefits are subject to a maximum deposit of Rs 1.5 lakhs per financial year.

• Dena Savifix Deposit Scheme:

This deposit combines the features of a savings account as well as fixed deposit account, while offering customers attractive interest rates.

• Dena Bank Fixed Deposit Scheme:

Customers can avail of tax benefits by opening accounts under this fixed deposit scheme, where they can choose whether to receive interest on a monthly, quarterly, half yearly or yearly basis. The duration of these deposits can range from 7 days to 10 years.

• Dena Niwas Housing Finance Scheme:

Individuals looking to acquire a housing loan for the purchase, repair or construction of a house can avail of tax benefits under Section 80C by applying for the Dena Niwas Housing Finance Scheme. Loans provided under this scheme can range from 20 lakhs to 75 lakhs with repayment tenures ranging from 10 years to 25 years.

• Dena Bank Public Provident Fund Account:

Dena Bank customers can also avail of tax benefits under Section 80C of the Income Tax Act by making contributions towards the public provident fund account. Tax benefits can be availed on maximum contributions of Rs 1.5 lakhs ever financial year.

Under Section 80E:

• Dena Vidya Laxmi Educational Loan Scheme:

Dena Bank provides educational loans ranging from Rs 10 lakhs to Rs 20 lakhs for students who wish to pursue their higher education both in India as well as in a foreign country. Repayment tenures range from 10 to 15 years and students can avail of tax benefits under Section 80E via this scheme.

Under Section 80CCD:

• Dena Bank New Pension Scheme Account:

Individuals can also avail of tax benefits under Section 80CCD of the Income Tax Act by opening an NPS account. Tax deductions can be claimed up to Rs 2 lakhs under this scheme.

Under Section 80TTA:

• Savings Account Deposits:

Interest earned on any savings account deposits held with Dena Bank is eligible for tax benefits under Section 80TTA of the Income Tax Act up to an amount of Rs 10,000. Interest can be earned on the following savings accounts with Dena Bank:

• Premium Savings Bank Account

• Dena Jeevan SB Account

• Dena Samruddhi Deposit Scheme

• Basic Saving Bank Account

The tax saving products shown above can be applied for at any Dena Bank branch across the country as well as through the online services provided by the bank’s official website. Individuals looking to acquire a Dena Bank home loan with the added benefit of saving tax can apply at BankBazaar website.