- Can I open a Term deposit under Tax Saving Scheme through Internet banking ?
Yes, if you have Internet banking user name and password, and at least one transaction account mapped to the username. You should have 'transaction rights' or 'Limited transaction rights' on this account.
- What is the minimum tenure for Term deposit under Tax Saving Scheme ?
The minimum tenure for a Term deposit under Tax Saving Scheme is 5 years and maximum is 10 years.
- Is there any lock-in period for Term deposit under Tax Saving Scheme ?
Yes, there is a lock-in period for 5 years.
- What are the interest rates for a term deposit ?
The interest rates vary from time to time. You can view the latest interest rates by clicking on "View current interest rate" link provided in e-TDR/e-STDR request page.
- What is the minimum and maximum amount for a term deposit to be opened under Tax Saving Scheme ?
You can open a term deposit with a minimum amount of Rs.1000/- , and the maximum amount that can be deposited under the scheme is Rs. 1.5 lac in a financial year.
- Can I generate a advice / receipt for Term deposit under Tax Saving Scheme through Internet banking ?
Yes
- In whose name will the term deposit account be opened? What is the mode of operation ?
The name(s), mode of operation and home branch of newly generated deposit a/c will be same as in debit a/c, from which term deposit a/c is funded. However in case of Joint Accounts only the first holder shall be eligible for deduction from income under section 80C of Income Tax Act.
- What are the types of accounts from which I can debit an amount for the deposit ?
You can debit a savings, current, or OD account to open term deposit. The account selected for debiting should be valid transactional a/c through Internet Banking channel and should not be a stopped / dormant / locked account.
- Can I close my e-TDR/e-STDR under Tax Saving Scheme through Internet banking ?
No. Pre-mature closure of e-TDR/e-STDR under tax saving scheme is not allowed during the lock-in period. After 5 years, you may close it through your home branch only. In case of death of depositor, legal heir of depositor may pre-maturely close it through home branch only.
- Can I set the maturity instruction for e-TDR/e-STDR under Tax Saving Scheme through Internet banking ?
The default maturity instruction will be "Repay Principal and Interest" and at maturity proceeds will be credited to your account which was used for funding the deposit.
- Can I transfer the maturity proceeds of deposit to any of my accounts ?
No, the maturity amount will be transferred only to the debit account from which the deposit was funded.
- Can I open online term deposit a/c in any other name(s), not belonging to debit a/c from which term deposit a/c is funded ?
No, You may contact the branch for the same.
- Can senior citizen avail additional rate of interest on term deposit under Tax Saving Scheme ?
Additional rate of interest is not applicable for senior citizens.
- How can I add nominees in Term Deposit a/c ?
While opening an e-TDR/e-STDR under Tax Saving Scheme, you will be provided with an option to retain the nominee(s) for term deposit a/c as in debit a/c from which it is funded.
- Can I add a new nominee online ?
No, you will have to visit your branch for adding a new nominee.
- Is there any cut off time for creating e-TDR/e-STDR online under Tax Saving Scheme ?
Yes. e-TDR / e-STDR can be created online from 8:00 AM IST to 8:00 PM IST. Requests initiated beyond this period will be scheduled for the next opening hours.
- Can I avail loan against the term deposit opened under Tax Saving Scheme ?
No, you can't avail any loan against the term deposits opened under Tax Savings Scheme.
- Whether Term deposit (eTDR / eSTDR) under Tax Saving Scheme is available for NRI customers ?
Yes. NRIs can open Term deposit (eTDR / eSTDR) under NRO Tax Saving Scheme through Online Banking.
