Oriental Bank of Commerce : Tax Saving Term Deposit Scheme
Organisation :Oriental bank of Commerce
Facility :Tax Saving Term Deposit Scheme
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Home Page :https://www.pnbindia.in/
For more details here :https://www.pnbindia.in/
Oriental Bank Tax Saving Term Deposit Scheme :
An individual or a Hindu Undivided Family (HUF) having Permanent Account Number (PAN) can make deposit under the scheme.
Type of Deposit :
The deposit can be either in the form of Fixed Deposit or Cumulative Deposit
Single holder type deposit :
The single holder type deposit receipt shall be issued to an individual for himself or in the capacity of the Karta of the Hindu Undivided Family (HUF).
Joint holder type deposit :
The joint holder type deposit receipt may be issued jointly to two adults or jointly to an adult and a minor, and payable to either of the holder or the survivor. Provided that in the case of joint holder type deposit, the deduction from income under section 80C of the Income Tax Act shall be available only to the first holder of the deposit.
Fixed Deposit :
Fixed deposit can be issued with monthly or quarterly interest payment option.
Cumulative Deposit :
Interest is compounded at quarterly rests and payable with principal on maturity.
Amount of Investment :
The depositor can invest any amount not exceeding Rs. 1.50 lacs (One Lac Fifty Thousand Rupees) in a financial year, minimum being Rs. 100/- and in multiple thereof.
Period of deposit :
The period of deposit shall not be less than five years.
Premature payment :
The lock in period under the scheme shall be five years; as such the terms deposit cannot be encashed before the expiry of five years from the date of deposit, except in case of death of depositor. In the event of the death of the depositor, premature payment of deposit can be allowed to nominee/ legal heirs as per policy of bank, which as of now is as follows;
Rate of Interest (w.e.f. 20.01.2015) :
Oriental Bank Tax Saving Scheme, which is for a period of 5 Years will carry interest rate applicable on Term deposits for 5 Years – 10 Years, i.e. for General Public 8.25%, for Senior Citizens 8.25%+0.50%=8.75%, for Staff 8.25%+1.00%=9.25% & for Ex-staff & Senior Citizens 8.25%+1.00%+0.50%=9.75%.
For other than Senior Citizens :
The interest rates offered on other term deposits for a period of 5 years – 10 Years Bucket.
For Senior Citizens :
0.50% over the rate for Other than Senior Citizens
Issue of Deposit Receipt :
The deposit receipt shall signify Name of Scheme besides Name, Address, and Permanent Account Number (PAN) of depositor along with the other usual particulars like date, period, amount, rate of interest, maturity date, maturity value in case of Cumulative Deposit receipt or periodicity of payment of interest (monthly or quarterly) in case of Fixed Deposit receipt.