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CANARA TAX SAVER SCHEME

CANARA TAX SAVER SCHEME

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.

ELIGIBILITY

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)

INVESTMENT

  • Minimum - Rs.100/-(In multiples of Rs.100/- thereafter)
  • Maximum- Rs. 1,50,000/- per person

PERIODICITY OF DEPOSIT

5 years

INTEREST RATE

As applicable to term deposits for the period of 5 years

PERIODICITY OF INTEREST PAYMENT

Monthly (discounted)/Quarterly on Fixed Deposits.
Compounded quarterly as applicable to Kamadhenu Deposit (KD).

TDS

Applicable on interest payable

NOMINATION FACILITY

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

LOAN FACILITY

Cannot be pledged as security/collateral security for loans/advances

PRE-MATURE CLOSURE

Cannot be closed prematurely (as per the guidelines of GOI)

SPECIAL FEATURES

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.