Bank of India Star Sunidhi Tax-Saving Deposit Scheme
Bank of India offers the Star Sunidhi Tax-Saving Deposit Scheme. The fixed deposit account is available for all eligible individuals and HUFs residing in India. It is a long-term savings deposit account that offers income tax benefits for the account holder.
The investment tenure for this term deposit scheme is 5 years to 10 years. The current rate of interest being offered by the bank is 6.00% p.a. for deposits of less than Rs.2 crore.
Senior citizens are eligible for an extra interest rate of 0.5% p.a.
Eligibility Criteria for applying for Bank of India Star Sunidhi Tax-Saving Deposit Scheme
Given below are the eligibility criteria for Bank of India Star Sunidhi Tax-Saving Deposit Scheme.
- Individuals and Hindu Undivided Family individuals having PAN number
- Nomination is allowed
- Should be able to make a minimum deposit of Rs.10,000
- The maximum deposit allowed under this scheme is Rs.1.5 lakh
Features of Bank of India Star Sunidhi Tax-Saving Deposit Scheme
Given below are the featured of Bank of India Star Sunidhi Tax-Saving Deposit Scheme
Account Type | Single and joint |
Amount | Min: Rs.10,000 p.a. Max: Rs.1,50,000 p.a. |
Rate of Interest | General Public: 6.00% p.a. for deposits of less than Rs.2 crore Senior Citizens: 6.50% p.a. for deposits of less than Rs.2 crore |
Period | Min: 5 years Max: Up to and including 10 years |
Type of Deposit | FDR/MIC/QIC/DBD |
Loan against Bank of India Star Sunidhi Tax-Saving Deposit Scheme | There is no loan facility available for this scheme |
Nomination (if any) | Available |
Tax exemptions | Tax exemptions under section 80C of the Income Tax Act |
Bank of India Star Sunidhi Tax-Saving Deposit Scheme interest rates
The rates of interest for the Bank of India Star Sunidhi Tax-Saving Deposit Scheme are listed below:
Tenure of Investment | Interest Rate for General Citizens (p.a.) | Interest Rate for Senior Citizens (p.a.) |
5 years and above to less than 8 years | 6.00% | 6.50% |
8 years and above to 10 years | 6.00% | 6.50% |
Note: The FD interest rates are effective as of 1 September 2024. Interest rates are subject to change at the discretion of the bank.
FAQs on Bank of India Star Sunidhi Tax-Saving Deposit Scheme
- Does the account qualify for exemptions?
This fixed deposit account qualifies for Tax exemptions under section 80C of the Income Tax Act.
- Is there a premature withdrawal allowed with the fixed deposit account?
There is no premature withdrawal allowed with Bank of India Star Sunidhi Tax-Saving Deposit Scheme.
- Is there a loan facility available with the account?
There is no loan facility available under this account.
- Is it possible to invest in the Bank of India Star Sunidhi Tax-Saving Deposit Scheme for a period of 3 years?
No, the minimum tenure of investment for the Bank of India Star Sunidhi Tax-Saving Deposit Scheme is 5 years. It is not allowed to invest in this scheme for a lower tenure.
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