Vikas Tax Saving Deposit



Eligibility: Individual/HUF eligible to open an account with the Bank.
Minimum Deposit: Rs.100/ and multiples thereof up to a maximum of Rs. 1.5 lakh in a year.
Tenure: Minimum of 5 years.
Rate of Interest: As applicable to term deposits subject to change from time to time.
Senior Citizens and Staff will be eligible to get an additional Interest rate as per the rules.
Withdrawal Facility: The deposit cannot be closed prematurely before completion of a minimum period of FIVE years from the date of deposit.
Nomination Facility: Available.
• Deposit Account may be opened under Single/Joint holder type of Accounts.
Payment of Interest: Option I : Interest may be paid in Lump sum at the time of Maturity.
Option II: Interest may be paid every quarter or every Month at Discounted value as per rules in force.
• Term Deposits under this scheme are not eligible for a pledge to secure loan or security to any other asset, LD/ODD shall not be available to the depositors on the deposits.
• Interest Income from these Term deposits shall be liable to Tax under the IT Act.
• Permanent Account Number (PAN) is compulsory.