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  • How to Save Tax with Union Bank

    Taxes are something which almost every earning member of the society dreads, with these contributions to the state eating into our hard earned accounts. The government, on its part has provided certain tax saving measures to individuals, ensuring that they are not burdened additionally. Saving tax with Union Bank of India can be simple, with the bank offering a number of products aimed at easing tax burdens.

    Save Tax with Union Bank:

    Utilising the provisions of the Income Tax Act, customers of Union Bank of India can invest in some of the tax saving products offered by the bank. The bank offers tax saving options under different provisions of the Act, including Section 80C, 80E, 80CCD, etc.

    Tax Saving Products under Section 80C:

    Under Section 80C of the Income Tax Act, certain investments are eligible for tax exemptions up to Rs 1.5 lakh in a financial year. Union Bank of India offers the following products, investments in which are eligible for tax benefits under this Section.

    • Union Bank Tax Saving Fixed Deposit

      Union Tax Saver, the tax saving fixed deposit from Union Bank can be a smart investment to save taxes, with the minimum investment starting at Rs 5,000 and the maximum permitted investment being Rs 1.5 lakhs.

    • Union Bank PPF Scheme:

      A Public Provident Fund Account can be opened with Union Bank, entitling investors to tax exemptions. An individual account can be operated, with permitted investments ranging from Rs 500 to Rs 1.5 lakh offering flexibility. This scheme has a minimum term of 15 years.

    • Union Bank Home Loans – Customers of Union Home, the home loan scheme of Union Bank of India can enjoy tax benefits on the loan repayment subject to them meeting certain conditions. Union bank offers three more home loan schemes, Union Awas, Union Smart Save and Union Top-Up.

    Tax Saving Products under Section 80E:

    • Union Bank Education Loan – Union Bank offers an education loan titled “Union Education”, users of which are entitled to tax benefits on loan repayment under Section 80E of the Income Tax Act. Loans up to Rs 20 lakhs can be availed under this scheme.

    Tax Saving Products under Section 80CCD:

    • National Pension Scheme – Investors can participate in the National Pension Scheme through Union Bank, which is permitted by the RBI to act as a Point of Presence. This scheme can be used by individuals aged between 18 and 60 years to save tax.

    Tax Saving Products under Section 80TTA:

    Investing in Savings Accounts is a smart option to save tax, with Section 80TTA of the Income Tax Act offering tax saving solutions on the interest earned on these accounts. A maximum of Rs 10,000 can be claimed as deduction in a financial year under this section, with Union Bank offering the following accounts.

    • Basic Savings Account – Union Bank offers two products under its basic accounts scheme, a Basic Savings Bank Deposit Account and a Basic Saving Bank Deposit Accounts Small Scheme. These accounts are simple to open and operate, with low balance requirements.

    • Regular Savings Bank Account – The Regular Savings account offered by Union Bank can be opened by individuals and groups alike, with multiple deposit options and low balance permitted.

    • Union Family Savings Scheme – This account is designed to take into consideration the banking needs of your entire family, with membership open to families with 2 to 6 members. Individual members with multiple savings account with the bank can choose to combine their accounts with family members to enjoy the benefits of this scheme.

    Conclusion:

    Individuals who are keen on saving tax while enjoying good banking facilities can utilise the provisions offered by Union Bank. They can either approach their nearest branch or log on to the official website of the bank to do the same. Conversely, they can log on to the BankBazaar website to find relevant products to help them save tax.

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