Features :

1. An assessee can invest in such deposit scheme of the bank a minimum of Rs. 100/- or any amount in multiples of Rs.100/- upto a maximum of Rs. 1,00,000/- and in a financial year, commencing from 1st April every year.
   
2. The amount so invested by an individual or HUF, is eligible for deduction under section 80C of Income Tax, 1961.

Eligibility:

• Individual either singly or jointly or in the name of HUF.
  
• When Minor is an IT Assessee holding PAN, deposit can be opened singly in the name of Minor operated by himself/herself or by Guardian as per normal norms of the Bank.
  
• Deposit in joint names may be issued to two adults or jointly to an adult and a minor under the mode of operation 'payable to either or surviver'.
  
• In case of deposit held in joint name, the facility of deduction from income under Section 80C of Income tax shall be available only to the first depositor.

Tenure:

• Tenure of the deposit is for a fixed period of not less than 5 years and with a lock-in period of 5 years.

Rate of Interest:

• Interest Rate as applicable to other term deposits and subject to cahnge from time to time http://www.unitedbankofindia.com/English/RatesDeposit.aspx

Payment of Interest :

• For United Tax Savings Growth Plan, interest will be paid on maturity.
  

No overdue interest will be paid if deposit is encashed after maturity. But when the deposit is re-invested in any term deposit scheme of the Bank, overdue interest as applicable will be paid on the amount so invested.

Add on Benefits:

If deposit amount is Rs.20,000 and above following benefits will be available to the depositor ;

• Free coverage under United Suraksha Scheme (for 1st year only).
• Zero balance SB A/C
• Free United International Debit Card (for 1st year only).

Nomination facility:

Available except where the deposit is held in the name of a minor.

Loan facility:

Under the scheme, as the fixed deposit cannot be pledged, no loan can be given against such deposit.

Tax deduction at source:

Interest on these term deposits shall be liable to tax under the IT Act, on the basis of annual accrual or receipt, depending upon the method of accounting followed by the assessee. The tax on such interest shall be deducted in accordance with the provisions of section 194A or section 195 of the IT Act.

For further details contact nearest Branch