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Highlights

Investment: The minimum amount is Rs. 100 or in multiples thereof and the maximum amount is Rs. 1.5 lakhs in a financial year.

Period of Deposit: Fixed period of 5 years only.

Rate of interest: General Public - 7.50% per annum; Senior Citizens - 8.00% per annum.


Payment of interest:

Interest payable monthly or quarterly under KBL Tax Planner - FD.

Interest payable at the time of maturity, compounded at quarterly rest under KBL Tax Planner - ACC.


Types of Term Deposit:

a) Single holder type - Issued to an individual for himself or in the capacity of the Kartha of the Hindu Undivided Family.

b) Joint holder type - Issued jointly to two adults or jointly to an adult and a minor, and payable to either of the holders or survivor & deduction from income under Section 80C of the Act will be available only to the first holder of the deposit.


Nomination: Nomination facility is available to the depositor under the scheme as per the rules applicable from time to time. No nomination shall be made in respect of a term deposit applied for and held by or on behalf of a minor.

Issue of Term Deposit receipt: The term deposit receipt should bear the name/address, Permanent Account Number (PAN), signature of the assessee along with other particulars specified by the Bank.

Tax deduction at source: Tax shall be deducted at source on the amount of interest paid/credited in the account as per the guidelines issued under the Income Tax Act from time to time.

Pledging of Term Deposit: The term deposit cannot be pledged to secure loan or security to any other asset.

Encashment on Maturity: The maturity period of a term deposit receipt of any denomination shall be five years commencing from the date of receipt. No encashment of term deposit is allowed before the expiry of five years from the date of receipt.

 
 
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