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Canara Tax Saver Scheme: Maximize Savings, Minimize Taxes

  • 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.
  • Application in the Banks prescribed form.
  • Copy of PAN Card / Form 60 or 61 (if customer does not have PAN Card).
  • Photograph of Depositor/s (2 copies).
  • Proof of Identity and address as per KYC Norms
  • Any other related documents as applicable to Karta of a HUF.
  • As applicable to term deposits for the period of 5 years Click Here.
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Last updated on 25-09-2023 12:08 AM

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