- The e-TDR/e-STDR under Tax Saving Scheme in INR will be generated in the same name(s) of the account holder(s) as in account from which it is funded.
- There will be a lock-in period of 5 years for e-TDR/e-STDR under Tax Saving Scheme.
- PAN is mandatory for creating e-TDR/e-STDR under Tax Saving Scheme.
- Pre-mature closure of e-TDR/e-STDR under Tax Saving Scheme is not allowed online.
- Premature payment of deposit is allowed after lock in period of 5 years. In case of premature payment, the deposit shall be subject to penalty provisions at the rates decided by Bank from time to time.
- The advice / receipt has to be collected from your home branch only.
- The interest proceeds on the Term Deposit (e-TDR) under Tax Saving Scheme, will be credited by default to the account from which the Term Deposit (e-TDR) under Tax Saving Scheme was funded.
- e-TDR / e-STDR under Tax Saving scheme will be disposed off in accordance with the Maturity Instruction "Repay Principal and Interest".
- Bank will deduct the income tax on interest as per the law applicable. In case no tax is to be deducted at source, Form 15H/G has to be submitted by the depositor to the home branch just after opening the e-TDR/e-STDR under Tax Saving Scheme and at the beginning of the Financial Year in the subsequent Financial Years.
- e-TDR / e-STDR under Tax Saving Scheme with additional rate of interest for senior citizens will be issued if option for "Senior Citizen" is selected by the customer and age of customer is 60 years or above, on the date of creating the fixed deposit, as per date of birth recorded with the Bank. The minimum days and minimum amount applicable for additional rate of interest for senior citizen will be as per Bank's policy.
- If you choose the Senior Citizen option, you must ensure that your age as on the date of making the deposit is 60 years or more. If at any time the Bank discovers that you did not qualify for the Senior Citizen benefit, the Bank reserves the right to recover from you any additional amount of interest that the Bank might have paid to you and take any other action as permitted by law.
- In case of joint accounts, the Senior Citizen benefit can be availed only by the first account holder.
|
