Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Science
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Find Cricket Statistics
Hindi
More
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Science
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / Business News / #FinancialBytes: SBI Tax Savings Scheme- Interest rate, tenure and more
  • Business

    #FinancialBytes: SBI Tax Savings Scheme- Interest rate, tenure and more

    Sagar Malik
    Written by
    Sagar Malik
    Twitter
    Last updated on Sep 20, 2019, 04:49 pm
    #FinancialBytes: SBI Tax Savings Scheme- Interest rate, tenure and more
  • The State Bank of India, India's largest lender, offers many short-term and long-term saving schemes to its customers.

    One of its popular schemes is the SBI Tax Savings Scheme, 2006.

    Resident Indians as individuals or as the head of a Hindu Undivided Family (HUF) are eligible to apply for it.

    From interest rate to tenure, here are six things you should know about it.

  • In this article
    Rules about minimum/maximum amounts and rate of interest Rules about scheme tenure, premature withdrawal, and loan facility Rule about tax savings on the scheme
  • Points 1,2

    Rules about minimum/maximum amounts and rate of interest

    Rules about minimum/maximum amounts and rate of interest
  • Amount: An applicant needs to deposit a minimum amount of Rs. 1,000, or in multiples thereof. However, the maximum deposit must not exceed Rs. 1,50,000 in a year.

    ROI: The rate of interest, under this scheme is the same as fixed/term deposits. The prevailing interest rate is 6.25% (for general depositors), and 6.75% (for senior citizens), for retail deposits below Rs. 2 crore.

  • Points 3,4.5

    Rules about scheme tenure, premature withdrawal, and loan facility

    Rules about scheme tenure, premature withdrawal, and loan facility
  • Scheme tenure: The minimum tenure for the SBI Tax Savings scheme is 5 years. However, it can go up to as much as 10 years.

    Premature withdrawal: Investors are not allowed to withdraw the deposit before the completion of five years, starting from the date of receipt.

    Loan facility: Customers cannot use the term deposit account to secure any loans.

  • Point 6

    Rule about tax savings on the scheme

  • As the name suggests, the scheme aims at helping customers lower their tax burden.

    Under the scheme, one can avail tax benefits of up to Rs. 1.5 lakh in a year, under Section 80C of Income Tax Act 1961.

    Furthermore, nomination facility is also available under the said scheme.

    If you wish to start the term deposit account, contact your nearest SBI branch.

  • India
  • Banking
  • State Bank of India (SBI)
  • SBI
  • State Bank of India
  •  
Latest News
  • Powerful earthquakes trigger Pacific-wide tsunami alerts, mass evacuations ordered
    Powerful earthquakes trigger Pacific-wide tsunami alerts, mass evacuations ordered
    World
  • Coronavirus: India's tally reaches 11.17 million with 16K+ new cases
    Coronavirus: India's tally reaches 11.17 million with 16K+ new cases
    India
  • #ComicBytes: What is Chaos Magic, Scarlet Witch's power in 'WandaVision'?
    #ComicBytes: What is Chaos Magic, Scarlet Witch's power in 'WandaVision'?
    Entertainment
  • Samsung Galaxy A72 spotted on Google Play Console, launch imminent
    Samsung Galaxy A72 spotted on Google Play Console, launch imminent
    Science
  • NewsBytes Briefing: WhatsApp gets desktop voice calling, and more
    NewsBytes Briefing: WhatsApp gets desktop voice calling, and more
    Science
Related Timelines
  • #FinancialBytes: Major changes to PPF rules you should know about
    #FinancialBytes: Major changes to PPF rules you should know about
    Business
Trending Topics
Bharti Airtel Mukesh Ambani Twitter WhatsApp Reliance Jio OPPO Isha Ambani
Next News Article
Share
Cancel

Want to share it with your friends too?

Facebook Whatsapp Twitter Linkedin
Copied

Love Business news?

Subscribe to stay updated.

Business Thumbnail
India News Business News World News Politics News Sports News Science News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Bharti Airtel Mukesh Ambani Twitter Indian Premier League Samsung Virat Kohli
Rohit Sharma Cricket News YouTube Hollywood News WhatsApp Bollywood News Nitin Gadkari ISRO Yoga Honda
Batman Football News BMW Vaccine Reliance Jio OPPO Food News, Healthy Recipes Tesla Royal Challengers Bangalore Toyota
Fashion Tips Emmy Awards Mercedes Barcelona FC Isha Ambani India Vs England Cricket OnePlus Mobiles Android TV Smart TV Marvel Comics
Avengers Neha Kakkar Premier League Big Bang Theory
About Us Privacy Policy Terms & Conditions Contact Us News Reviews News Archive Topics Archive Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2021