(U/s. 80-C of IT Act.)

Eligibility

Individual or HUF

Amount of Deposit

Minimum Rs 100/- Or in multiple thereof with maximum of Rs. 1.5 lakh in one Year i. e. from 1st April to 31 st March.

Tenure of the Deposit

Not less than 5 Years - Maximum up to 10 Years.

Interest Rate

Subject to change by the Bank from time to time.

Types of Deposits & Interest Payment

The Deposits can be accepted under the scheme in MIDR / QIDR/FDR/CDR
Accordingly interest to be paid half yearly/ quarterly/monthly/in lump sum on maturity.

Investment Limits

Minimum of Rs. 100/- or in multiple thereof with maximum of Rs. 1.5 lakh in one year i.e. from 1st April to 31st March.

Tax aspects

Interest on these term deposits shall be liable to tax under the Act,

The tax on such interest shall be deducted in accordance with the provisions of section 194A or section 195 of the Act

Premature withdrawal

Not allowed. No term deposit shall be encashed before the expiry of five years from the date of its receipt.

But in the event of the death of the holder of a term deposit in respect of which a nomination is in force, the nominee or nominees shall be entitled at any time before or after the maturity of the term deposit to encash the term deposit.

Transferability Feature

Can be transferred from one branch to another branch of the BOM but not to any other banks branch.

Nomination Facility

Available as per our existing practice in the Bank.

Trading and Pledging

Not allowed. The term deposit shall not be pledged to secure loan or as security to any other asset even after completion of 5 years.

Loan Against Deposit

Not allowed in any case.

Mode of Holding

  1. Single holder type
  2. Joint holder type deposits. Provided that in the case of joint holder type deposit, the deduction from income under section 80C of the Income Tax Act shall be available only to the first holder of the deposit.
 
 
 
 
 
 
 
 
 
 
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