Tax Saver FD SBI

Can I also apply for Tax Savings Scheme of State Bank of India by opening and Fixed Deposit Account, if yes I need to know more?

[pawan]

According to me no you cannot apply for State Bank of India Tax Savings Scheme by opening and Fixed Deposit Account and here I will let you know about the scheme.

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).

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

Type of account:
Term Deposit (TD) account / Special Term Deposit (STD) account.

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

Nomination facility available.

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.

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

Address:-
State Bank of India
18 19, Devdas Kamlleg Block, Synergy Building, Bandra Kurla Complex-Bandra East, Mumbai - 400051, Behind National Stock Exchange

Phone:-
+(91)-80-26599990
18004253800,1800112211