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Ratnakar Tax Saving Term Deposit Scheme 2006

Name Ratnakar Tax Saving Term Deposit Scheme 2006
(Fixed Deposit or Reinvestment Deposit)
Eligibility Individual
a) Single
b) Joint - i) two or more adults
              ii) two adults or an adult and a minor.
                  an individual in personal capacity or the Karta of the                   Hindu undivided family (HUF)
Maximum Amount Rs.100/- or in multiple of Rs.100/-
up to Rs.1.00 lakh.
Minimum / Maximum Tenure Five years and above up to 10 years.
Interest Rate 8.25% General Public
9.00% For Senior Citizen.
Benefit i) Riskless investment.
ii) Assured income.
    a) Monthly *
    b) Quarterly
    c) Half Yearly
    d) Yearly or
    e) Accumulated till the date of validity. (i.e.Reinvestment basis)

iii) Investment up to Rs.1.00 lakh per individual is eligible for deduction under Section 80(c) of Income Tax Act 1961, per year.
Features i) In case of Joint Account, tax benefit available to 1st named depositor only.
ii) No term deposit shall be encashed before expiry of 5 years commencing from the date of receipt.
iii) The deposit amount is transferable from original branch of the Bank to other branch of the same bank. However depositor is not allowed to transfer from one Scheduled Commercial Bank to other Scheduled Commercial Bank.
iv) The term deposit receipt shall bear the name, address (PAN) Permanent Account Number and signature of the depositor (assessee).
v) Nomination facility is available.
General terms and conditions i) At the time of investment, the depositor shall present the prescribed application form at the branch of the Bank.
ii) The term deposit shall not be pledged to secure loan or as security to acquire any other assets under loan.
iii) The term deposit receipt shall be issued on receipt of deposit amount by the bank.
iv) In case of lost or destroyed term deposit receipt, duplicate receipt will be issued as per rules of the bank.

* Discounted basis
Effective Interest Rate of Interest for years
Rate of
Interest
5
6
7
8
9
10
8.25%
10.09%
10.54%
11.02%
11.52%
12.06%
12.63%
9.00%
11.21%
11.76%
12.35%
12.98%
13.64%
14.35%

Effective Earnings
Considering tax sop		 General Public 16.08%
Senior citizen 17.21%
Nomination i) The depositor, single or joint, at the time of making term deposit, may nominate any person as nominee or at any time after the term deposit receipt is issued but before the maturity of the term deposit.
ii) No nomination shall be made in respect of a term deposit applied for and or held by or on behalf of minor.
**
Rights of nominee i) In the event of death of depositor, in respect of which a nomination is in force, the nominee shall be entitled at any time before or after maturity of the term deposit to encash the term deposit. For this purpose the nominee shall make application to the Branch Manager of the bank, along with supported documents of death of depositor/depositors.
Accounting Branch has to open new General Ledger A/c i.e. Ratnakar Tax Saving Deposit Scheme 2006 under our Group of Time Liabilities.
a) At the time of opening of Term Deposit A/c Credit - Ratnakar Tax Saving Deposit Scheme 2006(Term Deposit A/c or Reinvestment Deposit A/c) by debiting parities S/B A/c or Current A/c
  b) Payment / Provisions of Interest Debit - P/L Interest paid on Deposit A/c Credit - Ratnakar Tax Saving Deposit Scheme 2006 Account or Interest payable on Ratnakar Tax Saving Deposit Scheme 2006 A/c
Credit - T.D.S.A/c
c) At the time of repayment of term deposit at the time of maturity of deposit accountDebit - Ratnakar Tax Saving Deposit Scheme 2006 Account Interest Payable on Deposit Account (respective Amount ) Credit - Depositors Account (S/B or Current)
O.D.F.D. The instructions to be followed as per Planning Circular No.18/2005 of 06.09.2005

1) PAN - Compulsory
2) Interest on these term deposits shall be liable to tax under the Income Tax Act. Tax on such interest shall be deducted in accordance with the provisions of Section 194 A or Section 195 of the Act.
3) If the depositor has no tax liability during the year he should submit Form No.15G in April every year.
4) The deposits of our Bank employees are eligible for 1% additional interest.
5) ** If the depositor/depositors desires to nominate more than one nominee, separate deposit receipts can be made for total amount not exceeding Rs.1.00 lakh having different nominees for each deposit receipt.
 
 
For more information contact our nearest branch.