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Tax Savings Scheme

Features of BOR Tax Savings Term Deposit Account - 2006

(BTSTD account - 2006)

Name of Account

"BOR Tax Savings Term Deposit Account - 2006 (BTSTD account - 2006)"

 

Eligibility Individuals - Singly or jointly (Jointly by two adults or one adult and one minor payable only to either or survivor)/ Hindu Undivided Family (HUF) for domestic as well as NRO accounts.
Minimum & Maximum Deposit Amount Minimum Rs. 100/- or multiple thereof subject to a Maximum of Rs. 1.00 lacs per year.
Interest Rate These Deposits will carry interest @ 7.75% p.a. w.e.f. 02.03.2010. The change in interest rate of these deposits will be advised separately alongwith the change in interest rates on normal deposits. Benefit of additional interest to staff members and Senior Citizens will be allowed as in existing scheme. Thus present interest rate for staff will be 8.75%and for Senior Citizen 8.25%.
Payment of Interest Interest may be paid either on maturity or on quarterly/monthly basis as per option given by the depositor.
Period of Deposit

The deposit will be accepted for a fixed term of 5 years commencing from the date of the receipt.

Note: In the event of death of the depositor/ joint depositors the nominee will be entitled to encash the Term Deposit at any time before or after the maturity. In case of such payment before maturity the rate of interest payable will be the rate applicable on the date of deposit for the period for which the deposit has actually run.

Tax Benefit Deposit will be treated as an investment U/s 80(C) within an overall limit for investment of Rs. 1.00 lacs p.a. and will be available to the first named person in case of deposits in joint names.
TDS TDS will be deducted as in case of other term deposit accounts
Nomination facility Nomination facility will be available as in case of normal deposit accounts. However, no nomination shall be made in respect a term deposit held by or on behalf of a minor.
Pledge of term deposit The term deposit shall not be pledged for securing a loan or overdraft or as security for any other asset or as primary or collateral security.

Special Condition

  1. The term deposit receipt shall bear the name, address, permanent account number and signature of the assessee depositor.
  2. The term deposit can be transferred from one branch to another branch of the bank but it can not be transferred to another bank.
  3. In case no instruction for renewal on maturity are given by the depositor/assessee the renewal wll be done treating the deposit as a normal Term Deposit.