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SBI Tax Savings Fixed Deposit Account: Interest Rate And Other Details
SBI or State Bank of India offers a number of schemes under its personal banking portfolio. One such scheme offered by the country's largest bank is SBI Tax Savings Scheme, 2006, which is kind of fixed deposit or term deposit. Resident Indians as an individual or in the capacity of the Karta of the Hindu Undivided Family, are eligible to avail the benefits of this scheme, according to sbi.co.in, SBI's official website. Investors also need to have income tax Permanent Account Number (PAN) to avail this scheme.
Here are key things you need to know about SBI's Tax Savings Scheme, 2006:
Amount: One needs to deposit a minimum of Rs. 1,000 or in multiples thereof whereas the maximum deposit should not exceed Rs. 1,50,000 in a year, according to bank's portal.
Tenure: The minimum tenure for SBI Tax Savings Scheme, 2006, is five years which can go up to a maximum of 10 years, said the lender.