Updated 04 Sep 2023
While investing, we want to earn the maximum returns and save taxes. Tax liability is a significant responsibility of the citizens of a country, but the government offers a few relaxations on taxes via various deductions and exemptions. The Union Bank of India offers different Tax saving FD options. Read below to know more about it.
Here are some of the critical features of the Union Tax Saver FD Scheme:
Potential account holders need to submit the following documents:
Is a nomination facility available for Union Bank Tax Saving FD?
Yes, Union Bank provides a nomination facility for Tax Saving FDs.
Can I renew my HDFC Tax Saving FD upon maturity?
Upon maturity, you can reinvest in a new Tax Saving FD. However, it will not be automatically renewed.
How is a tax-saver FD different from a regular FD?
A tax-saving FD has a lock-in period of 5 years. No premature withdrawals, overdrafts, or loan facilities are available under a tax-saving FD. Whereas one can have a regular FD for any tenure as per the choice of an individual, and they are eligible for premature withdrawals
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