Be Familiar with Tax Saving Fixed Deposits in 5 Points
Maturity Period
The maturity duration of the account is 5 years where premature withdrawal (even with penalty), is not possible. You cannot use the FD receipt as collateral and are also not allowed to pledge a loan or avail overdraft facility on the tax saving fixed deposit receipt. But, opting this as choice will offer you with higher interest rates (about 0.5 percent) compared to normal FDs.
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Financial Budget 2016 Speaks in Favor of Individual Taxpayers
