Canara Tax Saver Scheme | Smart Investment for Tax Savings

Easy to Open.
Attractive Rate of Interest.
Benefits of deduction from income up to Rs. 1,50,000/- under Sec.80C of the IT Act, 1961.
Nomination Facility available.

Product Nature	A term deposit scheme under the Fixed Deposit & Kamadhenu Deposit streams. Best suited for Salaried Class, Businessmen, Professionals who come under the ambit of Tax Payers.
Amount of Deposit	Minimum - Rs.100/-(In multiples of Rs.100/- there after) Maximum- Rs. 1,50,000/- per person
Period Of Deposit	5 years
Periodicity of Interest Payment	Monthly (discounted)/Quarterly on Fixed Deposits. Compounded quarterly on Kamadhenu Deposit
Loan Facility	Cannot be pledged as security/collateral security for loans/advances
TAX Deducted at Source	Applicable on interest payable as per prevailing Income Tax rules
PRE-Mature Closure	Cannot be closed prematurely (as per the guidelines of GOI), Except in the event of death of depositor

Individual Account – can be in the name of the individual for himself or in the capacity of the Karta of a Hindu undivided family (HUF).
Joint Account – can be opened by only two adults jointly or an adult and a minor, and payable to either of the holders or to the survivor.
In the case of joint account, the deduction from income under Section 80C of the Income Tax Act, 1961 shall be available only to the first holder of the deposit.

Fixed Deposit