Tax Shield Syndicate Bank

I have come to know that Syndicate Bank has launched a new deposit scheme, ‘Synd Tax Shield’. Would you please tell me what is the benefit for depositors with this scheme? Please provide me features of Synd Tax Shield Deposit Scheme of Syndicate Bank and tell me what is the minimum amount can be deposit in account?

Hello sir I want to know about the Tax Shield scheme of Syndicate Bank so please provide me information about this.

[Raman Vij]

Syndicate Bank has new deposit scheme, 'Synd Tax Shield', which offered Income Tax benefits to the depositors.

Eligibility –
Individuals / HUF eligible to open an account with the Bank

The scheme offered tax benefit under section 80 C of the Income Tax Act up to an investment of Rs one lakh.

Deposit amount

Minimum Deposit – Rs. 100/- and multiples of thereof.
Maximum Deposit – Rs. 1,50,000/- per person per annum.

Tenure –
The Minimum tenure of Tax Shield will be 5 Years.

Rate of Interest –

Deposits under Synd Tax Shield Scheme will earn interest at the rate applicable to the relevant period.

Payment of Interest –

Option I - Interest may be paid in Lump sum at the time of maturity

Option II- Interest may be paid every quarter or every month at discounted value as per rules in force.

• Term Deposits under this scheme are not eligible for pledge to secure loan or as security to any other asset.

• Interest Income from these term deposits shall be liable to tax under the IT Act.