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Features
of BOR Tax Savings Term Deposit Account - 2006
(BTSTD account - 2006)
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Name of Account
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"BOR Tax Savings Term Deposit Account - 2006
(BTSTD account - 2006)"
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| Eligibility |
Individuals - Singly or jointly (Jointly
by two adults or one adult and one minor payable only to either or
survivor)/ Hindu Undivided Family (HUF) for domestic as well as NRO
accounts. |
| Minimum & Maximum Deposit Amount |
Minimum Rs. 100/- or multiple thereof subject
to a Maximum of Rs. 1.00 lacs per year. |
| Interest Rate |
These Deposits will carry interest @ 9.00%
presently (w.e.f.01/10/2007) . The change in interest rate of these
deposits will be advised separately alongwith the change in interest
rates on normal deposits. Benefit of additional interest to staff
members and Senior Citizens will be allowed as in existing scheme.
Thus present interest rate for staff will be 10.00 and for Senior
Citizen 9.50%. |
| Payment of Interest |
Interest may be paid either on maturity
or on quarterly/monthly basis as per option given by the depositor. |
| Period of Deposit |
The deposit will be accepted for a fixed term of 5 years commencing
from the date of the receipt.
Note: In the event of death of the depositor/ joint depositors
the nominee will be entitled to encash the Term Deposit at any time
before or after the maturity. In case of such payment before maturity
the rate of interest payable will be the rate applicable on the
date of deposit for the period for which the deposit has actually
run.
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| Tax Benefit |
Deposit will be treated as an investment
U/s 80(C) within an overall limit for investment of Rs. 1.00 lacs
p.a. and will be available to the first named person in case of deposits
in joint names. |
| TDS |
TDS will be deducted as in case of other
term deposit accounts |
| Nomination facility |
Nomination facility will be available as
in case of normal deposit accounts. However, no nomination shall be
made in respect a term deposit held by or on behalf of a minor. |
| Pledge of term deposit |
The term deposit shall not be pledged for
securing a loan or overdraft or as security for any other asset or
as primary or collateral security. |
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Special Condition
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- The term deposit receipt shall bear the name, address, permanent
account number and signature of the assessee depositor.
- The term deposit can be transferred from one branch to another
branch of the bank but it can not be transferred to another bank.
- In case no instruction for renewal on maturity are given by
the depositor/assessee the renewal wll be done treating the deposit
as a normal Term Deposit.
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Copyright © 2000 The Bank
Of Rajasthan Ltd. All rights reserved.