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Cent Tax Saving Deposit

Type of Deposit :


An individual or a Hindu Undivided Family (HUF) who is an Income Tax assessee with Permanent Account Number.

Mode of Holding :


Deposits may be of following types :
  • Single holder type deposits.
  • Joint holder type deposits.
  • The single holder type deposit receipt shall be issued to an individual in personal name or in the capacity of the Karta of the Hindu undivided Family.
  • The joint holder type deposit receipt may be issued jointly to two adults or jointly to an adult and a minor, and payable to either of the holders or to the survivor Provided that in the case of joint holder type deposit, the Deduction from income U/S 80/C sub section 2(XXI) of the Act shall be available only to the first holder of the deposit.

Tenure of the Deposit :


Fixed period of 5 years.

Amount :

  • Minimum: Rs.100/- or multiples thereof.
  • Maximum: Rs.1,50,000/- (Rs. One Lac Fifty Thousand only) in a financial year.

Rate of Interest :


The rate of interest to be applied to Cent tax Savings Deposit Scheme will be in accordance with the interest rate on domestic term deposits (upto Rs. 15 lacs) applicable to the five-year term. 

 

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Q. What is the minimum deposit amount required for opening the Tax-saving Deposit?


The minimum deposit required for opening as MMDC/FD is Rs.100 and as MID/QID is Rs.5,000/- under Cent Tax Saving Deposit Scheme.

Q. What is the multiple in which I can open the Cent Tax Saving Deposit ?


You can open it as MMDC/FD with minimum of Rs.100/- or as MID/QID with minimum of Rs.5,000/- and thereafter in multiples of Rs.100/- in MMDC/FD/MID/QID.

Q. What is the maximum deposit amount permitted for opening Cent Tax Saving Deposit ?


The maximum amount that can be invested in Cent Tax Saving Deposit is Rs.1,50,000/- per Financial year.

Q. What is the minimum deposit amount required for opening the Tax-saving Deposit?


You can deposit money in Cent Tax-saving Deposit for 5 years (Fixed Term).

Q. What are the Interest rates offered by Bank on Cent Tax Saving Deposit ?


Prevailing interest rate as applicable to 5 year term as on the date of opening of the account.

Q. In case of MMDC/MID/QID/FD opened in joint mode, will the benefit be extended to both the account holders?


No. benefit of deduction is available to first holder only.

Q. At what frequency will I receive interest on my MMDC/MID/QID/FD ?


Interest is paid monthly for MIDR, quarterly for QIDR and on maturity for MMDC.

Q. Is TDs applicable on Cent Tax Saving Deposit ?


Tax is deducted at source, from the interest on Cent Tax Saving Deposit as applicable as per Income Tax Act 1961.

Q. In cases where customer does not have a PAN card, will from 60/61 be collected?


No. Submission of PAN is mandatory for this scheme.
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