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Tax Saver Fixed Deposit: Tax advantage, Rate of Interest
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- The provision of Section 80C whereby a deduction of up to Rs 100,000 is allowed while computing total income of an individual or HUF in respect of the life insurance premium, contribution to Provident Fund etc has being amended to include fixed deposit with a scheduled bank of a period of not less than five years. Accordingly, an individual or HUF shall now be entitled to deduction of up to Rs 100,000 in case he makes a fixed deposit of the period of five years or more. This exemption shall be part of the Rs 100,000 exemption presently available in respect of life insurance premium, contribution to PF etc.
- High Rate of Interest for senior citizens as well as normal customers in view of the long term lock-in period enshrined in the scheme.
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More information |
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