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Cent Tax Saving Deposit

Deposit options :

Deposit may be in the form of Monthly Interest Deposit/Quarterly Interest Deposit or Reinvestment Plan (Cumulative).

Nomination facility :

Available as per existing nomination rules. However, no nomination shall be made in respect of a Term Deposit applied for and held by or on behalf of a minor.

Term Deposit Receipt :

The receipt for such type of Term Deposits will be designed specially, which shall bear the name, address, permanent account number and signature of the depositor(s) etc. in addition to other features.

Income Tax Benefits :

Investments under this Scheme are eligible for deduction from Income up to a maximum of Rs.150,000/-U/S 80Cof the Act in a financial year. However, the interest accrued or paid in such deposit is taxable and subject to TDS as per existing rules.

Premature Payment/Loan Facility :

Premature payment and Demand Loan/Overdraft facility is not allowed. The deposit receipt cannot be pledged for any type of loan or as a collateral security for any facility.

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Q. How do I open Cent Tax Saving Deposit?

By visiting any of the nearby branches. You may also open account online and collect the Deposit Receipt from the Branch.

Q. Will I get Certificate /Deposit Receipt on opening Cent Tax Saving Deposit?

Yes, immediately on opening of the Cent Tax Saving Deposit account at the Branch.

Q. Can I withdraw money from Cent Tax Saving Deposit before maturity OR avail loan against it ?

As per Government notification, no premature withdrawal is allowed for Cent Tax Saving Deposit. Demand Loan/Overdraft facility is also not allowed. The deposit receipt cannot be pledged for any type of loan or as a collateral security for any facility.

Q. Do senior citizens get any extra benefit on Cent Tax Saving Deposit ?

Yes, they do get extra benefits in the form of higher interest rates.

Q. Is there any renewal facility available on the Cent Tax Saving Deposit ?

No. As per Govt. Notification auto renewal facility is not available in respect of Tax-Saver scheme.

Q. How do I close Cent Tax Saving Deposit ?

After maturity of your Cent Tax Saving Deposit, you can visit Home Branch and claim your deposit by surrendering your Fixed Deposit Receipt.

Q. Whether nomination facility is available on Tax Saving Deposit ?

Yes, it is available as per extant nomination rules.
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