- 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, 50,000/- and in a financial year, commencing from 1st April every year.
- The amount so invested by an individual or HUF, is eligible for deduction under section 80C of Income Tax, 1961.
- 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 survivor'.
- 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 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 :
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.