CANARA TAX SAVER SCHEME

It is a term deposit under the Fixed Deposit & Kamadhenu Deposit lines. CANARA BANK TAX SAVER SCHEME TERM DEPOSIT is more or less same as some of the term deposit scheme but with a few more rules and ofcourse tax benefits.

PEOPLE WHO CAN BENEFIT FROM CANARA BANK TAX SAVER SCHEME TERM DEPOSIT
- An individual can benefit from this term deposit or fixed deposit.
- A ‘Karta’ of a Hindu undivided family (HUF) can apply for it and save tax.
- An account can be opened jointly by two adults or an adult and a minor. (In the case of joint account, the deduction from income under Section 80C of the Income Tax Act, 1961 shall be available only to the first holder of the deposit)

DEPOSIT LIMIT
Minimum amount that can be deposited is Rs.100/- or in multiples of Rs.100/- that is 200, 300, 17000 etc and upto Rs. 1 lakh per person that is the maximum limit. Hence, amount deposited can range anywhere between Rs. 100/- to Rs. 1 Lakh.

INTEREST RATE
7.50% p.a.

IMPORTANT ATTRIBUTES AND FEATURES
- The interest on CANARA BANK TAX SAVER SCHEME TERM DEPOSIT will be calculated every quater which means every 2 months
- TDS is applicable on interest payable.
- Nomination facility is available to all customers except on deposits applied for and held by or on behalf of a minor
- There is no loan facility available to customers.
- Pre mature closure of CANARA BANK TAX SAVER SCHEME TERM DEPOSIT is not possible.
- Deduction from income upto Rs.1 lakh under Sec.80C of The I T Act, 1961

DOCUMENTS REQUIRED FOR CANARA BANK RECURRING DEPOSIT TERM DEPOSIT FIXED DEPOSIT
- NF-108 application Form
- PAN card (Form 60 or 61 if customer does not have PAN Card)
- 2 Photograph of depositor/s
- Proof of address
- Proof of identity
- Any other related documents as applicable to proprietor ship concern, Partnership Firm, Company, HUF etc
- Introduction to the depositor