Looking for a smart way to save on taxes? The Uttar Bihar Gramin Bank’s GRAMIN TAX SAVING SCHEME could be the solution you’ve been waiting for. Let’s delve into the details without getting lost in financial jargon.
Table of Contents
Eligibility
- This scheme is open to individuals, joint account holders (up to four individuals), guardians on behalf of minors, HUFs, partnerships, companies, associations, societies, schools, and more.
Investment
- The minimum investment required is just ₹100, and you can invest up to ₹1,50,000.
Interest Rates
- The interest rate varies according to the prevailing rates at the time of investment.
Types
- This scheme can be structured as an M.I.D.R. (Monthly Income Deposit Receipt), Q.I.D.R. (Quarterly Income Deposit Receipt), or a recurring deposit with a five-year tenure.
Deposit Tenure
- The lock-in period for this scheme is 5 years.
TDS on Interest
- TDS (Tax Deducted at Source) applies as per income tax rules.
Nomination
- Nomination facilities are available, except in minor accounts.
Loan Facility
- Unfortunately, there’s no loan facility under this scheme.
Tax Benefits
- To avail of tax-saving benefits, depositors must submit Forms 15G/15H annually before April 15th with their signatures and complete deposit details.
The Uttar Bihar Gramin Bank‘s GRAMIN TAX SAVING SCHEME is a straightforward way to save on taxes while securing your financial future. Open an account and enjoy the benefits today!