Urgent-80 C- Fixed Deposit with scheduled banks.
This query is : Resolved
13 November 2008
Can a fixed deposit of Rs. 1 lakh for 5 years with State Bank of India become eligible for deduction under 80C?
13 November 2008
Yes, of course. THey would have a scheme and named it as such.
13 November 2008
The deposit should be in the BANK TERM DEPOSIT SCHEMR,2006 vide notification No S.O.1220(E) dt 28-7-2006.
13 November 2008
What is impact on tax if we mature te FD before maturity
13 November 2008
Reply
13 November 2008
IF you have purchased a FD under the BANK TERM DEPOSIT SCHEMR,2006 vide notification No S.O.1220(E) dt 28-7-2006 which is eligible for 80C deduction, you cannot pre mature encash the FD. However you can take an OD/loan against the same.
17 November 2008
thanks for that information
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