How to save Tax with Lakshmi Vilas Bank

Lakshmi Vilas Bank began operations as a commercial bank in 1958 and currently operates through a network of branches all across India. The bank provides its customers with various tax saving solutions, through a range of banking products and services.

Save Tax With Lakshmi Vilas Bank:

Individuals banking with Lakshmi Vilas Bank can avail of tax benefits as per the Income Tax Act by applying for various banking products that range from education and housing loans to fixed deposits among others.

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

Customers of Lakshmi Vilas Bank can look to avail of tax deductions through any of the following products offered by the bank:

Under Section 80C:

• Lakshmi Vilas Fixed Deposit:

Individuals who have opened a fixed deposit with Lakshmi Vilas Bank are eligible for tax benefits under Section 80C of the Income Tax Act. Interest is payable under this scheme on a quarterly basis, while there is no limit to the amount one can deposit.

• Lakshmi Tax Saver Deposit:

Under this scheme customers can open a fixed deposit with tenure of 5 years at an interest rate of 7.80%. Tax benefits can also be availed up to Rs 1.5 lakhs under Section 80C of the Income Tax Act.

• Lakshmi Home Loan:

Lakshmi Vilas Bank provides housing loans to customers who wish to purchase a new house or upgrade their housing needs. Applicants who have opted for this loan are eligible for tax benefits under Section 80C of the Income Tax Act.

• Mutual Funds:

Lakshmi Vilas Bank offers customers tax saving solutions through mutual funds, wherein customers can choose from 13 AMCs (Asset Management Companies)

Under Section 80E:

• Vidya Laxmi Educational Loan Scheme:

Lakshmi Vilas Bank also provides loans for the purpose of higher education to students looking to further their academic prospects both in India as well as abroad. The bank offers these loans at attractive and affordable interest rates and helps the students save on tax as well under Section 80E of the Income Tax Act.

Under Section 80CCD:

• Lakshmi Vilas Bank New Pension System:

Individuals between the ages of 18 and 60 making contributions to the NPS are also eligible for tax benefits under Section 80CCD of the Income Tax Act. NPS accounts can be opened with Lakshmi Vilas Bank with a minimum contribution of Rs 1,000

Under Section 80TTA:

• Savings Account Deposits:

Customers holding saving accounts with Lakshmi Vilas Bank can avail of tax benefits on the interest accrued on their savings accounts up to Rs 10,000 under Section 80TTA of the Income Tax Act.

The following savings accounts can be opened with Lakshmi Vilas Bank:

• Savings Bank 301

• Basic Savings Bank Deposit Account

• Lakshmi Prime

• Lakshmi Titanium