BMB Tax Benefit

Eligibility

  • All resident individuals in single names, or HUFs in the capacity of the “Karta” of a Hindu Undivided Family Joint accounts of not more than 2 persons, by two adults jointly or by one adult and one minor.

Features

  • Special Term Deposit Scheme for saving the Income Tax
  • Can be opened with a minimum of Rs. 100/- or in multiples thereof with a maximum of Rs. 1.5 Lacs a year.
  • The tenor of deposit minimum 5 years- max-10 years.
  • No Premature withdrawal
  • No Loan facility available

Interest

  • Interest as applicable to Fixed Deposit for similar period​
  • Rate of Interest for senior citizen & staff is as per other Term Deposit products

Benefits

  • The TDS on such interest shall be deducted in accordance with the provision of Income Tax Act. In the case of joint holder type deposit, the deduction from income under section 80C of the Act available only to the first holder of the deposit
 

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  • Lockers available at our Branches in Mumbai, Raipur, Dehradun, Kanpur, Kolkata, Thiruvananthapuram, Ranchi, Agra, Chennai, Jaipur, Agartala, Alwar, Bengaluru, Chandigarh, Panaji, Gurgaon, Lucknow, Hyderabad, Kochi, Panchkula, Indore, Bhubaneswar, Bhubaneswar, Thane, Najafgarh

  • Lockers available at our Branches in Agartala, Agra, Alwar, Bengaluru, Bhopal, Bhubaneshwar, Chandigarh, Chennai, Coimbatore, Dehradun, Goa, Gurgaon, Hyderabad, Indore