Deposits can be made maximum to the period of 10 years
Learn more about the different Tax Saving Deposit Schemes for all from TMB.
In accordance with the amendment to Section 80C (2) of the Income Tax Act 1961, bank term deposit qualifies for Section 80C deduction from assessment year 2007-08 onwards.
Under the deposit scheme “TMB TSD (Malligai)” the customers can withdraw interest monthly, quarterly, half yearly and annual basis.
Under the deposit scheme “TMB TSD (Mullai)” the interest will be paid at the time of maturity of deposit with cumulative interest.
The tax benefit under section 80C (for first holder only)
Account can be opened with a minimum deposit of Rs. 100 and in multiples of Rs. 100 subject to a maximum of Rs.1,50,000/-
Deposit Receipt will be issued with the depositor’s / assesse’s name, address, PAN and his / her signature. (It will be governed by the “Bank Term Deposit Scheme”, 2006 of the Government of India Notification No. 203 / 2006 dated Jul 28, 2006 or its subsequent amendments)
Nomination facility is available. In the event of the death of the depositor the nominee can encash either before or after the maturity date