Save Income Tax under Section 80C through this SBI Tax Saving Scheme - Check eligibility, interest rate, benefits, more

Save Income Tax through SBI Saving Scheme: Financial Year 2018-19 is about to end in a few days and, as an Income Tax payer, it's high time you filed your investments so that good amounts of your hard-earned money can be saved in your bank account. Keeping in mind the tax season around the corner, SBI has tweeted about a tax saving scheme. The State Bank of India's tweet reads, "Get smarter about tax planning with tax saving instruments from SBI! Learn more about the SBI Tax Saving Scheme 2006."

So, let's understand what's SBI Tax Saving Scheme 2006, its eligibility, rate of interest, benefits etc:-

SBI TAX SAVINGS SCHEME, 2006: Eligibility

Resident Indians for himself/ herself as an individual or in the capacity of the Karta of the Hindu undivided family, having Income tax Permanent Account Number (PAN).

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SBI TAX SAVINGS SCHEME, 2006: Minimum Deposit:-

Rs. 1,000 or multiples thereof. Maximum Deposit: Not exceeding Rs. 1,50,000 in a year.

SBI TAX SAVINGS SCHEME, 2006: Type of account:-

Term Deposit (TD) account / Special Term Deposit (STD) account.

SBI TAX SAVINGS SCHEME, 2006: Tenure:-

Minimum tenure is 5 years and maximum is 10 years.

SBI TAX SAVINGS SCHEME, 2006: Rate of Interest:-

As applicable to Term Deposits.

SBI TAX SAVINGS SCHEME, 2006: Is premature withdrawal allowed?

No term deposit shall be encashed before the expiry of five years from the date of its receipt.

SBI TAX SAVINGS SCHEME, 2006: Loan facility:

Not available. The TD/STD shall not be pledged to secure loan or as security to any other asset.

SBI TAX SAVINGS SCHEME, 2006: Nomination

Nomination facility available

SBI TAX SAVINGS SCHEME, 2006: Most Important Terms & Conditions

-Tax benefits under section 80C of Income Tax Act, 1961.
-Tenure: Minimum: 5 years - Maximum: 10 years.
-Premature withdrawal: Not permitted before the expiry of five years from the date of issue.

For more details log on to https://bank.sbi/portal/web/personal-banking/sbi-tax-savings-scheme-2006

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