|
BRKGB TAX SAVING - RIRD
|
|
BRKGB TAX SAVING - MIP
|
|
BRKGB TAX SAVING – QIP
|
|
The product targeting the customers intending to invest money for availing the rebate under Section 80C of Income Tax Act in the nature of Term Deposit for the period of not less than 5 years.
|
|
Tax saving RIRD
|
|
|
Tax saving MIP: under this scheme Interest on Deposit is paid on monthly basis.
|
|
|
Tax saving QIP: under this scheme Interest on Deposit is paid on quarterly basis.
|
|
|
All individuals and HUF are eligible to invest in the product. It is most suitable for income tax payers like salaried persons, higher and middle-income group, retired persons etc.
|
|
The firms, companies, trusts, societies, clubs, institutions, corporate etc. are not allowed to invest under the product.
|
|
Minimum Deposit of amount shall be Rs 100, thereafter in multiple of hundreds, subject to maximum deposit amount in a financial year is not to exceed Rs 1,50,000 for availing tax benefit.
|
|
The term deposit should be for a period not less than 5 years. However, maximum tenure of the deposit will not exceed 10 years.
|
|
Term deposit can be in single and joint name.
|
|
The single name deposit is to be issued to an individual for himself or in the capacity of the Karta of the Hindu Undivided family.
|
|
Joint account may be in the name of maximum two adults or jointly to an adult and a minor. As per Government’s present Guidelines, in case of joint account/ joint holding of deposit, income tax relief will be available only to the first holder of the deposit.
|
|
Prevailing rate of interest for fixed deposits.
|
|
Senior Citizen: An Additional interest @ 0.50 % is payable.
|
|
Staff/Ex-staff: As per Bank guidelines issued from time to time (Presently additional interest 1% is payable).
|
|
Ex-staffs who are Senior Citizen: shall get both the benefits of Staff rate as well as Senior Citizen interest rate.
|
|
Interest on the deposit is liable to tax. Tax on interest payable on deposit is to be deducted at source as per the extant guidelines of the government from time to time.
|
|
Nomination facility will be available.
|
|
No loan and/ or any type of credit facility can be considered against the security of the deposit. The deposit cannot be taken as collateral security also.
|
|
Premature payment is not allowed. However, in case of death prepayment is allowed as per the Banks usual norms and procedures.
|
|
Deposit under the Scheme is subject to Govt. guidelines as applicable from time to time.
|