Income tax return: SBI Tax Savings Scheme - all you want to know in just a glance

Feb 05, 2019, 18:19 PM IST
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Income tax return: Yes, ITR filing time is nearing and everyone should get their finances in order if they do not want to face any nasty surprises from the taxman. Those who have left it to the last to try and find some good investing options and thereby save their tax outgo can take a look at this scheme offered by State Bank of India. So, here is all you want to know about SBI Tax Savings Scheme, 2006 in just a glance:

 

 

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SBI Tax Savings Scheme, 2006: Eligibility

SBI Tax Savings Scheme, 2006: Eligibility

Resident Indians for himself/ herself as an individual or in the capacity of the Karta of the Hindu undivided family, having Income tax Permanent Account Number (PAN).   Image source: PTI

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SBI Tax Savings Scheme, 2006: Minimum Deposit

SBI Tax Savings Scheme, 2006: Minimum Deposit

Rs. 1,000/- or multiples thereof. Maximum Deposit: Not exceeding Rs. 1,50,000/- in a year.   Image source: PTI

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SBI Tax Savings Scheme, 2006: Type of account

SBI Tax Savings Scheme, 2006: Type of account

Term Deposit (TD) account / Special Term Deposit (STD) account.  Image source: PTI

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SBI Tax Savings Scheme, 2006: Tenure

SBI Tax Savings Scheme, 2006: Tenure

Minimum tenor is 5 years and maximum is 10 years.  Image source: Pixabay

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SBI Tax Savings Scheme, 2006: Rate of Interest

SBI Tax Savings Scheme, 2006: Rate of Interest

As applicable to Term Deposits- 6.85% for general and 7.35% for senior citizens   Image source: PTI

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SBI Tax Savings Scheme, 2006: Premature withdrawal

SBI Tax Savings Scheme, 2006: Premature withdrawal

No term deposit shall be en-cashed before the expiry of five years from the date of its receipt.  Image source: Pixabay

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SBI Tax Savings Scheme, 2006: Loan facility

SBI Tax Savings Scheme, 2006: Loan facility

Not available. The TD/STD shall not be pledged to secure loan or as security to any other asset.

Nomination facility available.   Image source: Pixabay

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SBI Tax Savings Scheme, 2006: Income tax return benefit, tenure and more

SBI Tax Savings Scheme, 2006: Income tax return benefit, tenure and more

Tax benefits under section 80C of Income Tax Act, 1961.

Tenure: Minimum: 5 years - Maximum: 10 years.

Premature withdrawal: Not permitted before the expiry of five years from the date of issue.  Image source: Reuters

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