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Home>Fixed Deposit>Indian Bank>Indian Bank Tax Saving Fixed Deposit
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Indian Bank Tax Saving Fixed Deposit

Updated 04 Sep 2023

Paying taxes is the duty of a responsible citizen. However, many times taxes levied on your returns are hefty and reduces your returns on investments. In such cases, banks offer tax-saving Fixed Deposit options where you can claim deductions up to ₹ 1,50,000 under section 80C of the Income Tax Act.

 

Here are the details of tax-saving FD options offered by the Indian Bank.

Features of Tax-saving FDs

  • Minimum Investment: The minimum deposit amount for tax-saving FD offered by Indian Bank is ₹1,000.
  • Maximum Investment: The maximum deposit amount for tax-saving FD is ₹1,50,000.
  • Tenure: The period of investment in a tax-saving FD ranges from 5 years to 10 years.
  • Early Withdrawl: A premature withdrawal facility is available for these Fixed Deposit accounts.
  • Goal: The motive of tax-saving FDs is to offer both earnings as well as tax benefits.
  • Tax Deduction: Allows to save tax under Section 80C of the Income-Tax Act,1961.
  • Payouts: You can choose amongst the options for monthly and quarterly payouts.
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FAQs

What are the required documents to open an FD account with Indian Bank?

An investor needs identity proof along with address proof and two passport-sized photographs to open an FD account with an Indian bank.

What is the lock-in period for these FDs?

The lock-in period for tax-saving FDs is typically 5 years.

What is the main purpose of SBM Bank's Tax-Saving FD?

It is a tax-saving instrument where investments are eligible for deductions under Section 80C of the Income Tax Act.

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