SBI Tax Saving Scheme
State Bank of India’s Tax Saving Scheme is designed in such a manner that it provides the depositor with tax saving benefits and can earn effective yields on the deposits. Both individuals and non-individuals can open a single or a joint account. However, the applicant must be an Indian citizen to avail the benefits of this scheme.
SBI Tax Saving Scheme Eligibility Criteria:
The applicant must an Indian resident and can be either an individual or a non-individual like an HUF Karta. Moreover, the applicant has to provide the bank with his/her PAN number for income tax verification.
|
Account Type |
Term Deposit Account / Special Term Deposit Account (Single Account) |
|
Deposit Amount |
Minimum: Rs.1,000/- or multiples thereof Maximum: The deposition amount must not exceed Rs.1,50,000/- in a year |
|
Rate of Interest |
Minimum: 5.25% Maximum: 7.5% Senior Citizens: additional 0.5% on the mentioned rates |
|
Period |
Minimum: 60 Months Maximum: 120 Months |
|
TDS |
Under section 80C of Income Tax Act, 1961, Tax benefits are provided |
|
Loan against the scheme |
N.A. |
|
Nomination (if any) |
Available, but only one person can be nominated by the depositor. On the other hand, the joint account holders can nominate more than one individual |
SBI Tax Saving Scheme Interest Rates:
|
Tenure |
Existing rate for Public |
Revised for Public w.e.f 05.10.2015 |
Existing rate for Senior Citizens |
Revised rate for Senior Citizens w.e.f 05.10.205 |
|
1 Week to 45 Days |
5.50% |
5.25% |
5.75% |
5.50% |
|
46 Days to 179 Days |
6.75% |
6.50% |
7% |
6.75% |
|
6 Months to 210 Days |
7% |
6.75% |
7.25% |
7% |
|
211 Days to 1 Year |
7.25% |
7% |
7.50% |
7.25% |
|
1 Year to 455 Days |
7.5% |
7.25% |
7.75% |
7.50% |
|
456 Days to 2 Years |
7.75% |
7.50% |
8% |
7.75% |
|
730 Days to 3 Years |
7.75% |
7.50% |
8% |
7.75% |
|
Three Years to 60 Months |
7.25% |
7% |
7.50% |
7.25% |
|
60 Months to 120 Months |
7.25% |
7% |
7.50% |
7.25% |