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The Kotak Mahindra Tax Saving Fixed Deposit is for more than just growing your money. It gives you the triple benefit of tax savings, safety and attractive interests, so you can make the most of your idle funds while earning great returns.
With the tax saving fixed deposit, choose to receive interest quarterly or keep it invested till maturity
Save tax under Sec 80C on amounts between Rs.100 and Rs. 1.5 Lakh with tax saving FD at Kotak Bank
Tax saving fixed deposit at Kotak Bank has a booking period of minimum 5 years to maximum 10 years
Premature or partial withdrawals are not permitted for tax saving FD's before lock-in period of 5 years
Interest rates for Tax Saving fixed deposit are applicable as per their normal schedule
You can also avail nomination facility with tax saving fixed deposits at Kotak Bank
TDS applicable on interest earned through tax saving FD's will be as per existing guidelines
Tax saving products for senior citizens are available as well
You become liable for TDS* when the aggregate interest you earn for all deposits held in a particular customer ID is greater than Rs. 40,000/- (Rs.50,000 in case of senior citizen) in a financial year.
TDS is deducted every time the Bank pays/re-invests interest during the financial year in accordance with the provisions of Income Tax Act as amended from time to time.
When interest amount is insufficient to recover TDS, the same is recovered from the principal of the deposit.
Yes, in case of reinvestment deposits, the interest reinvested is post TDS recovery.
TDS is deducted every time the Bank pays/re-invests interest during the financial year. TDS is also deducted on unpaid interest accrued at the end of financial year viz. 31st March.
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