INSUBCONTINENT EXCLUSIVE:
SBI's Tax Savings Scheme offers tax benefits of up to Rs
1.5 lakh under Section 80C of Income Tax Act.State Bank of India (SBI) offers a type of fixed deposit or term deposit scheme called SBI Tax
Resident Indians as an individual or in capacity of Karta of Hindu Undivided Family, are eligible to avail benefits of this scheme, said
country's largest bank on its website, sbi.co.in
One also needs to have income tax Permanent Account Number (PAN), said bank
SBI's Tax Savings Scheme offers tax benefits of up to Rs
Amount: Customers need to deposit a minimum of Rs
1,000 or in multiples thereof whereas maximum deposit should not exceed Rs
Rate of Interest: The rate of interest for savings scheme is similar to that on term deposits
The interest rates for retail domestic term deposits below Rs
1 crore is 6.85 per cent for general public and 7.35 per cent for senior citizens in maturity period of 5 years and up to 10 years.4
Other facilities: A nomination facility is also available with SBI's Tax Savings Scheme
