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Rates for Tax Saver Fixed Deposits:

Domestic Deposits (Effective Date: September 29, 2018)
Period Interest Rate
(Per Annum)
Annualised Yield°
(%)
Senior Citizen Rate #
(Per Annum)
Annualised Yield°
(%)
Tax Savings Fixed Deposit (5 years) 8.25% 8.51% 8.75% 9.04%
Note for Tax Saver Fixed Deposits:
  • °- The annualized yield is the effective annual rate of return taking into account the effect of compounding interest
  • #- Only Senior Citizens / Retired Personnel (60 years and above) who are Resident Indians are eligible.
  • Interest rates are subject to change from time to time. Applicable interest rates will be given as on the date / time of receipt of the funds by the bank.
  • A Valid PAN is mandatory for opening a Tax Saver Fixed Deposit (Tax Saver FD).
  • Effective 1st July’17, Aadhaar card has been made mandatory for regular account opening.
  • Only Individuals and HUFs are eligible to open a Tax Saver FD.
  • Tax Saver FD can be opened for a minimum of Rs. 1,000 and (thereafter in multiples of Rs.100), up to a maximum of Rs. 1,50,000.
  • Premature withdrawal is not permitted in Tax Saver FD.
  • Tax Saver FD cannot be auto renewed.
  • Tax saver FD is opened for a fixed tenure of 5 years only.
  • Tax saver FD can be of the following Deposit types:
    1. Cumulative Deposit
    2. Traditional (Non-Cumulative)
      • Monthly Interest Payout
      • Quarterly Interest Payout
  • For Cumulative FD, interest shall be compounded and credited on maturity to the Principal Amount & for Traditional (Non-Cumulative) FD, interest shall be credited monthly/quarterly to the Savings Account.
  • No loans or liens against Tax Saver shall be permitted.
  • Additional rate of interest for Senior Citizens shall be issued if option for "Senior Citizen" is selected by the customer and age of customer is 60 years or above, on the date of creating the fixed deposit, as per date of birth recorded with the Bank. If a new customer, then we may have to obtain the age proof also as a part of KYC.
  • Tax at Source shall be deducted according to Income Tax Regulations prevalent from time to time.
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