19 March 2009
Tenure of FD is not the criterion to decide eligibility for tax deduction. FD should have tax deduction feature. All FDs having tax deduction eligibility are for fixed term of five years.
19 March 2009
The FD should necessarily be under the 'Bank Deposit Scheme,2006' so as to qualify for deduction u/s 80C. For more details of the said scheme pl refer CBDT Notification 203 dt 28/7/2006.
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