sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« Direct Tax »
  CBDT breather soon on past angel tax demands
 Why you should choose your tax saving options wisely
 CBDT breather soon on past angel tax demands
 Infosys-built system to cut tax return processing time to 24 hours by 2020
 Notification No. 04/2019-Central Board of Indirect Taxes and Customs
 Income tax exemption limit likely to be increased to Rs 5 lakh
 Bringing back the local in the national tax regime
 CBDT chief cautions I-T officials about direct tax collection growth rate
 No TDS for long-term property lease premium, says Mumbaiā€™s Income-tax Appellate Tribunal
 Bansal Overseas 121 KM Stone, Near Namastesy Chowk, G. T. Road Karnal vs. ACIT Karnal Circle, Aayakar Bhawan, Sector- 12, Urban Estate Karnal
 How to invest, how much you may invest and save in taxes SBI Tax Saving Scheme
 Taxman on a refunds spree as income tax returns hit record high in FY19
 CBDT issues final notification on securities tax exemption
  Panel to redraft direct tax laws to focus on simplification
 Income Tax Return filing for AY 2019-20: Avoid these five BLUNDERS to save more money in New Year

How to invest, how much you may invest and save in taxes SBI Tax Saving Scheme
January, 08th 2019

SBI income tax saving FDs, known as SBI Tax Savings Scheme, 2006, can help you claim deductions for investments up to Rs 1.5 lakh a year under Section 80C of the Income Tax Act

Bank fixed deposits or FDs continue to be popular investment products not just among senior citizens, but also among the investors who does not want to take risk and rather invest in the traditional method. Many banks including State Bank of India (SBI) offer the facility of opening income tax saving FDs. SBI income tax saving FDs, known as SBI Tax Savings Scheme, 2006, can help you claim deductions for investments up to Rs 1.5 lakh a year under Section 80C of the Income Tax Act.

All you need to know about SBI income tax savings FDs

1. The minimum deposit in an SBI income tax saving FD is Rs 1,000 and in multiples thereof whereas the maximum deposit should not exceed Rs 1,50,000 in a year.

2. For an account in the SBI Tax Savings Scheme, 2006, the minimum tenure is for five years, which can go up to a maximum of 10 years.

3. The rate of interest for the SBI tax saving FDs, is similar to that of fixed deposits.The interest rates for retail domestic term deposits below Rs 1 crore is 6.85 per cent for general public and 7.35 per cent for senior citizens for 5- 10 years maturity.

4. SBI income tax saving FDs cannot be withdrawn before the expiry of five years from the date of its receipt.

5. A nomination facility is also available with the SBI tax saving FDs.

Other things to know about the tax saving FDs

The interest earned on an income tax saving FD is taxable as per the investor’s tax bracket.

Interest on tax saving deposits is payable on monthly/quarterly basis. This can be reinvested, if the investor wants so.

In the case of joint deposits, the tax benefit under Section 80C will be available only to the first holder of the deposit.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Company Overview

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions