Tax Saving Fixed Deposit
Earn guaranteed returns while saving tax.Unity Small Finance Bank's Tax Saving Fixed Deposit (FD) allows you to reduce your taxable income under Section 80C while securing stable returns. With a 5-year lock-in period, this FD is an ideal option for individuals looking for low-risk, tax-saving investments.
Key Features
Higher Interest for Senior Citizens
A preferential interest rate that exceeds the standard rate by 0.50% is available for senior citizens
Lock-In Period
Available for a fixed tenure of 5 years. Premature withdrawals are not permitted before lock in period of 5 years.
Tax Benefits
Save tax under Sec 80C up to ₹1.5 lakh per financial year.
Interest Rates
The rate of interest for Tax Saving fixed deposits are applicable as per their normal schedule
Safe & Secure Investment
Backed by Unity Small Finance Bank, with no market risks.
Flexible Interest Payouts
Choose from monthly, quarterly, or cumulative payout options.
Who can Open a Tax Saving FD with Unity Small Finance Bank?
Documents required
- Identity Proof – PAN Card, Aadhaar Card, Passport, Voter ID.
- Address Proof – Aadhaar Card, Passport, Utility Bill.
- Signature Proof – Bank passbook, driving license.
- Recent Passport size Photograph.
Payout Options
Monthly Interest Payout.
Quarterly Interest Payout
Reinvestment
(cumulative interest added to principal)
Taxation &
TDS on Interest Earned
- Principal amount qualifies for tax deduction under Section 80C.
- Interest earned is taxable and will be added to your income.
- TDS (Tax Deducted at Source) applies if total FD interest exceeds : ₹40,000 per financial year (₹50,000 for senior citizens).
- To reduce TDS liability, submit Form 15G (Individuals) or Form 15H (Senior Citizens) if eligible.
Premature Withdrawal & Loan Facility
- Premature withdrawal is not permitted before the completion of 5 years.
- No loan or overdraft facility is available against this FD.
