Tax Savings Fixed Deposit
I have written posts about the tax savings fixed deposit and why the fixed deposit is good for the monthly income. This will be suitable when the interest rates of the fixed deposit is high. In the recent times, all the banks have reduced the fixed deposit interest rates very low and it is some where between 6% to 7%. Only few banks offering the interest rates above 7%. I am getting the queries from the readers about the good interest rates for the fixed deposit scheme.
Article on Fixed Deposit:
PNB Tax Saver Fixed Deposit
Punjab National Bank(PNB) offer 8% interest rates for the tax savings fixed deposit. (In case of Senior citizen, 8.5%p.a.). Note that tax savings fixed deposit has the lock in period of 5 years. In that period you can not take loan from the fixed deposit. Income Tax will be deducted at the source. Note that, income coming out of this FD taxable as the interest income.
Documents Required for Opening Fixed deposit in PNB
- Passport size Photograph.
- Proof of Address.
- Photocopy of PAN No.
- Proof of age in case of Senior citizen.
- Proof of having secured pass marks in last qualifying examination.
Subscribe to our future articles here.
January 13, 2010 at 11:05 pm
Thanks…it would be great if you post a topic on the “which bank or debt instrument gives higher interest rates”
January 15, 2010 at 4:58 am
Thanks..I will write a post after some time.
Thanks,
Krishna
January 13, 2010 at 11:34 pm
Hello Sir,
How to check whether the bank which we are going to invest is safe or not?
January 15, 2010 at 4:58 am
Hello Sunil,
Please let me know which bank you are investing. We can help you. Most of the banks are safe in India.need not worry.
Thanks,
Krishna
July 8, 2012 at 5:01 am
can i open ppf account in PNB.is it required a saving account to ope PPF account in bank.
January 15, 2010 at 5:11 am
ICICI BANK,HDFC BANK,BANK OF INDIA,MAHARASHTRA BANK,UNION BANK,SBI….please let us know which bank gives highest interest rates….till date
January 15, 2010 at 5:12 am
ICICI BANK,HDFC BANK,BANK OF INDIA,MAHARASHTRA BANK,UNION BANK,SBI….please let us know which bank gives highest interest rates….till date…..
January 18, 2010 at 6:12 pm
HI KRISH
IS THE INTEREST INCOME ON A JOINT ACCOUNT CALCULATED FOR ONE INVIDUAL OR BOTH INDIVUALS IN THE ACCOUNT AT THE TIME OF TAX DEDUCTION.
THANKS
February 12, 2011 at 7:33 am
i wants to do FD of 1 lack for one year.will cut TDS on my interest amount.please advice me
April 17, 2011 at 11:37 pm
I am investment monthly based saving please guide me.
Regards
Devendra Singh
08400295190
April 20, 2011 at 12:18 am
I invest monthly in pnb bank. i want to know what are the dates for depositing the monthly amount so that i get full interest. somebody told me its from between 1st to 10th of each month. is it true? please suggest me
November 6, 2011 at 2:30 pm
iam vijay , and i want do fix deposit . but i want get my interest every month my amount is 10 lakh how much i can earn pls tell me as soon as possible
thanks
November 16, 2011 at 1:48 am
Hello sir,
my father occupation is farming and my mother is a housewife. government has just acquired our land and for that we have been paid Rs 52 lacs. We are planning to invest some amount in FD.i found this post very useful and i thank you from the bottom of my heart for hosting such a wonderful blog.
I still have some queries regarding fixed deposite scheme:
1. What is the max. earned interest that can be exempted frm tax deduction in current fiscal? 2. Is there any special tax exemption given to farmers? 3. As i mentioned my father is a farmer. Is he eligible to fill 15g form?
Please leave a reply to above cited queries..any other personal advice of yours will be highly appreciated. Thanks
November 16, 2011 at 4:20 am
Hi Vishal,
The maximum amount exempt is Rs.10000 per year. More than that you need to pay the tax. That would be deducted by the bank and they will issue a TDS.
There won’t be any deduction for the farmers. But, you can deposit that amount in different banks to reduce the TDS.
Please note that, if your father is not submitted the Pan card while creating the FD, TDS will be deducted for 20%. It is new rule imposed by RBI.
Thanks,
Krishna
February 22, 2012 at 7:49 pm
sir,
i hav got some money….. i want to know regarding tax to be paid on it……..
September 20, 2012 at 1:52 pm
sir,i m working in private sugaer factoy m monthly salay 20000 maried age 29years how much i have to save for my future& also sugest investment whear i have to make
May 5, 2013 at 5:22 pm
sir,
I am a senior citizen having superannuated in 2004. I have put the entire savings in senior citizens’ saving scheme in your bank for six years with interest payable every month and after that got it renewed for another three years . Now the same facility cannot be extended further, I would like to know is there any fixed deposit scheme with your bank with payment of monthly interest: if it is there what would be the rate of interest. What are the income tax rules applicable in this case.
kindly advise through mail.
thanking you.
T V K chari