How to save tax with PNB

PNB offers a number of banking products and solutions that help applicants save on tax. As India’s foremost nationalised bank, PNB has a range of different schemes through which one can avail of tax deductions under certain sections of the Income Tax Act.

Save Tax With PNB:

While customers can avail of tax benefits from different banking products offered by PNB, they can also claim tax benefits through products such as mutual funds, housing loans, PPF schemes and more.

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

Customers can avail of tax benefits under the following sections of the Income Tax Act through the following products:

Under Section 80C:

• PNB Tax Saver Fixed Deposit Scheme:

Under this scheme individuals can make a maximum deposit of Rs 1.5 lakhs for a maximum period of 10 years. The scheme has a lock in period of 5 years while individuals can avail of tax deductions under Section 80C.

• Mutual Funds:

Individuals looking to avail of tax benefits under Section 80C can also invest in the following mutual fund schemes offered by PNB

• Principal Tax Savings Fund:

  Investors can earn tax deductions under section 80C(2) along with long-term returns from the equity market

• Principal Personal Tax Saver Fund:

  Investors can also avail of tax benefits under Section 80C(2) of the Income Tax Act in tandem with equity market based returns over the long term.

• PNB Flexible Housing Loan:

Individuals who avail of this housing loan through PNB for the purpose of construction or purchase of houses or flats can avail of tax benefits under Section 80C. The principal part of the repayments towards the home loan are eligible for these tax deductions.

• PNB Public Provident Fund Scheme:

Individuals who subscribe to the PNB Public Provident Fund Scheme can also avail of tax deductions under Section 80C, while any interest they receive is tax exempt.

Under Section 80E:

• Education Loan - PNB Saraswati:

Individuals who opt for education loans in order to meet education related expenses can avail of tax benefits under Section 80E. Loan repayment tenures can go up to a maximum of 15 years with interest ranging from 2% to 3%

Under Section 80CCD:

• NPS Swavalamban Scheme:

Individuals who wish to participate in the NPS Swavalamban Scheme, can join with a minimum amount of Rs 1,000 and a maximum amount of Rs 12,000. Upon joining they will receive tax benefits under Section 80CCD as per the Income Tax Act 1961.

Under Section 80TTA:

• Interest earned on PNB Savings Account:

Interest earned on PNB Savings Accounts is eligible for tax deductions up to an amount of Rs 10,000