Product Details
Bank Name
Federal Bank
Eligibility
Individuals
Hindu Undivided Family
Trust
Partnership Firm
Body Corporate
Interest Rate
6.60% per annum.
Tenure
5 years
Fixed Deposit Type
Tax Saver
Federal Tax Savings Deposit
Tax Benefits
Tax benefits under Sec. 80 C of the Income Tax Act is applicable.
Credit Ratings
CRISIL AA+
Interest Payment Frequency
At maturity
Cummulative/Non-Cummulative
Cumulative
Features
Minimum deposit amount of Rs 100.
The maximum amount of Federal Tax Savings Deposit is Rs. 1,50,000.
Loan facility is not available in the case of Tax savings deposit.
Tax exemption under section 80C of the Income Tax Act, 1961.
Minimum Investment Amount
100
Fees and Charges
Pros
Tax exemption under Section 80C of the Income Tax Act, 1961.
The minimum deposit amount is Rs 100 only.
Cons
There is no loan facility against the deposit.
The maximum tenure of this scheme is 5 years.
Premature withdrawal of this deposit is not allowed.
Pros & Cons
Application Procedure
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