SBI Tax Savings Scheme: When it comes to saving tax on your hard earned money, everyone looks for options to avoid paying tax.
There are many tax saving instruments available for this. To save tax, you have to choose a tax saving scheme so that you can take advantage of it while filing income tax return.
SBI tweeted
SBI Tax Saving Scheme, 2006 is one such investment option. The country’s top leader tweeted through his official handle, “Grow your savings with SBI Tax Saving Term Deposit.”
SBI Tax Saving Scheme Details
Investment Amount
The minimum deposit amount in SBI Tax Savings Scheme, 2006 FD Scheme is Rs.1,000. However, the maximum deposit should not exceed Rs 1,50,000 in a year.
Tenure
For an account in SBI Tax Saving Scheme, 2006, the minimum tenure is for five years which can go up to a maximum of 10 years.
Interest Rate
The interest rate for SBI Tax Saving Scheme, 2006 is the same as for Fixed Deposit. Recently SBI had increased the interest rates on term deposits. Maturity between 5 years to 10 years will give 5.5 per cent to the general customers. These rates are effective from 15 February 2022.
Withdrawal and Nomination Rules
SBI Tax Savings Scheme account cannot be withdrawn before the expiry of five years from the date of its receipt. Nomination facility is also available with the scheme.
Tax savers
can avail tax exemption under section 80C of the Income Tax Act, 1961. TDS is applicable at the prevailing rate. Form 15T/15॥ by the depositor for exemption from tax deduction as per Income Tax Rules can be deposited.
Eligibility
should be Hindu Undivided Family, Resident Indian, PAN Card.
