CANARA TAX SAVER SCHEME
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.
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)
PERIODICITY OF DEPOSIT
As applicable to term deposits for the period of 5 years
PERIODICITY OF INTEREST PAYMENT
(discounted)/Quarterly on Fixed Deposits.
Compounded quarterly as applicable to Kamadhenu Deposit (KD).
Applicable on interest payable
Available, however, no
nomination shall be made in respect of a deposit under the scheme applied for
and held by or on behalf of a minor
Cannot be pledged as security/collateral security for loans/advances
Cannot be closed prematurely
(as per the guidelines of GOI)
Deduction from income upto Rs. 1,50,000/- under Sec.80C of the IT Act, 1961.
APPLICATION & DOCUMENTS
Application in the Banks’ prescribed form
Copy of 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.