Tax Saving Deposits

• Interest Rates
• Savings Bank A/c.
• SB Premium A/c
• Current A/c.
• Janatha Savings A/c.
• TMB Visa A/c.
• Fixed Deposit
• Muthukkuvial Deposit
• Navarathnamala
• Cash Certificate
• Pearl Deposit
• Siranjeevee R. Deposit
• Kids Recurring Deposit
• Santhosh Deposit
• Tax Saving Deposits
• TMB Double Deposit
• TMB 400 Days
• Premature Closure

Learn more about the Tax Saving Deposit Scheme for all from TMB.

In accordance with the amendment to Section 80C (2) of the Income Tax Act 1961, bank term deposit qualifies for Section 80C deduction from assessment year 2007-08 onwards.

Under the deposit scheme "TMB TSD (Malligai)" the customers can withdraw interest monthly, quarterly, half yearly and annual basis.

Under the deposit scheme "TMB TSD (Mullai)" the interest will be paid at the time of maturity of deposit with cumulative interest.

Eligibility

Any Individual and HUF - PAN Number mandatory.

Minor

The deposit can be opened in the name of minor also.

Joint Deposit

Joint deposits are permitted (including Either or Survivor / Former or Survivor). The tax benefit under section 80C goes to the first holder only.

Min./Max. Amount

Minimum Rs.100/- and thereafter multiples of Rs.100/- Maximum Rs. 1.00 lakh.

Period

5 Years to 10 Years.

Interest

Monthly interest, quarterly interest, half-yearly interest (quarterly compounded), annual interest (quarterly compounded) and Cumulative interest - based on investor needs.

Taxation

Interest amount is taxable. TDS is applicable as per the existing norms to Term Deposits.

Premature Closure

Premature closure is not allowed

Deposit Receipt

Deposit Receipt will be issued with the depositor's / assesse's name, address, PAN and his / her signature. It will be governed by the "Bank Term Deposit Scheme", 2006 of the Government of India Notification No. 203 / 2006 dated 28-07-2006 or its subsequent amendments.

Transfer

The deposit is not transferable. However, the deposits are transferable from one branch to another branch in the same name(s).

KYC Compliance

Usual KYC compliance as applicable to term deposits.

Nomination

Nomination facility is available. In the event of the death of the depositor the nominee can encash either before or after the maturity date.

Payment to Legal heirs

If no nomination is in force at the time of death of the depositor, Manager of the branch shall pay the sum due to the deceased to his legal heir/s as per Banks usual procedure.

Rate of Interest

The interest rate applicable from time to time to normal domestic term deposit for a period 5 years to 10 years - i.e. 10.00% presently as on May 08, 2008. Senior Citizens are eligible for 0.25% more (i.e. 10.25%). These revised interest rates are applicable from December 24, 2007.

Loan against Deposit

Not allowed. (The term deposit shall not be pledged to secure loan or as security to any other asset).

Relaxation

Any relaxation in the scheme will be allowed as per the Notification issued by the Central Government from time to time.

"This deposit is subject to the features and terms of the CBDT Notification No.203/2006 dated 28.07.2006 and / or its amendments, if any, from time to time notified by the Government of India".

Download the Application Form:

• Tax Saving Deposits Application Form (Format: MS Word Document)