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Tax saving scheme under Sec 80c of the IT act
A Bank Term Deposit Scheme 2006 has been introduced by the Central Government commencing from the financial year 2006-07 wherein time deposits made upto Rs.1.50 lakh for a period of 5 years are exempted from payment of Income tax under Sec 80C.
This new scheme called SBM Tax Saver Scheme is introduced in our Bank and will come into effect from 1st September 2006.
|Name of the Scheme
||SBM - Tax Saver Scheme
|Who can invest
Assessees being individuals, either Singly or Jointly, Karta of the Hindu undivided family. The joint holder type deposit receipt may be issued jointly to two adults or jointly to an adult and a minor, and payable to either of the holders or to the survivor;
Provided that in the case of the joint holder type deposit, the deduction from income under section 80C of the act shall be available only to the first holder of the deposit.
|Type of Deposit
Term / Re-investment Deposit
An assessee can invest in the term deposit any amount not exceeding one lakh fifty thousand rupees in a year.
The amount to be invested in the term deposit shall be a minimum of one hundred rupees or multiples thereof.
||The maturity period of term deposit shall be five years commencing from the date of the receipt.
No term deposit shall be encashed before the expiry of five years from the date of its receipt.
||Click here for details
||NO PREMATURE PAYMENT IS ALLOWED.
THE DEPOSIT CAN NOT BE PLEDGED TO SECURE ANY LOAN OR AS SECURITY TO ANY OTHER LOAN / FACILITY.
||Interest on these deposits shall be liable to tax under the Act as per procedures already laid down. The tax on such interest will be deducted in accordance with provisions of Sec 194A or Sec 195 of the act.
Contact your nearest Branch of State Bank of Mysore or
State Bank of Mysore
Personal & Services Banking Department
H .O.: K.G.Road, Bangalore - 560009, INDIA
Phone: 91 80 22353901.extn.380
Fax: 91 80 22283684