Ing Vysya Bank Tax Saver FD
 

Can you tell me about the Features & Benefits of the Tax Saving Term Deposits service offered by Ing Vysya Bank, Kotak Mahindra Bank?

Re: Ing Vysya Bank Tax Saver FD
 

Kotak Mahindra Bank's Tax Saving Term Deposits are available to all resident individuals, HUFs and Minors and the senior citizens' Tax Saving products are available to resident individuals above the age of 60 years.

Particulars Regular (Rs.) Sr Citizen (Rs.)

Tax Saving Term Deposit amount 10,000 10,000

Immediate Tax saving (Tax-30.90%) 3,090 3,090

Effective investment (A-B) 6,910 6,910

Maturity amount after 5 Yrs 14,859 15,228

Total Pre Tax Benefit (D-C) 7,949 8,318

Rate of interest 8.00% 8.50%

Effective Annualized Yield (5 Yrs) 15.90% 16.64%


Features & Benefits

Choose to receive interest quarterly, or keep it invested till maturity

Save tax Under Sec 80C on an amount between Rs. 100 to Rs. 1.5 lakh

Booking period - minimum 5 years to maximum 10 years

Partial withdrawal / premature withdrawal is not allowed before lock in period of 5 years.

Interest rates for Tax Saving deposit for general customers as well as senior citizens are applicable as per their normal schedule

Nomination facility is available

TDS will be applicable as per existing guidelines

Senior citizens' Tax Saving products are available to resident individuals above the age of 60 years.

Proof of identity for Tax Saving Deposits with the requisite documentation:

Resident Individuals, Hindu Undivided Family:

PAN card, Voter ID Card, Passport, Driving license
A photograph


Interest Rates for Tax Saving Term Deposits


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