BANK OF BARODA TAX SAVINGS TERM DEPOSIT

For Interest Rates click here

ELIGIBLE PEOPLE
-All individuals and HUF are eligible to invest in the product. It is most suitable for income tax payers like salaried persons, higher and middle-income group, retired persons etc.
-Deposit can be made in single name of an individual for himself or in the name of the Karta of the HUF OR in joint name.
-Joint account may be in the name of maximum two adults or jointly to an adult and a minor. As per Government’s present Guidelines, in case of joint account/ joint holding of deposit, income tax relief will be available only to the first holder of the deposit.
-The firms, companies, trust, societies, clubs, institutions, corporates etc. are not allowed to invest under the product.

DEPOSIT TENURE – Minimum 5 years with a maximum tenure up to 10 years.

DEPOSIT AMOUNT LIMIT – Minimum amount is Rs. 100/- and in multiples of Rs. 100/- .
For availing Tax benefit maximum amount in a financial year – Rs. 1/- lac.

PREMATURE WITHDRAWAL OF BANK OF BARODA TAX SAVINGS TERM DEPOSIT – Premature withdrawal of the deposits made under the scheme shall not be allowed before completion of 5 years except in case of death of the depositor.

INTEREST PAYMENT
-Interest will be computed on quarterly rest basis.
-Deposit can be made under RIRD/MIP/QIP scheme.
-In case of any request for prepayment of any time deposit before its due date, the Bank may do so after completion of minimum 5 years period, at its discretion and pay interest at 1% below the rate ruling on the date of making deposit, for the period for which the deposit has actually remained with the Bank.

TAX LIABILITY – -Interest on the deposit is liable to tax / TDS.