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.