Does Investment with Scheduled banks in fixed deposits, for a period of 5 years+ qualify for deduction u/s 80C?
3 Replies
CA.Tarun Maheshwari
(CA, DISA)
(7150 Points)
Replied 29 January 2009
Not in every FDR. There are specific schemes of FDRs in banks in which you can make investments for claiming deduction u/s80C.
shailesh agarwal
(professional accountant)
(7642 Points)
Replied 29 January 2009
how we khow that specific schemes-i have fdr-in bank of baroda-is it applicable for u/s 80-c
CA.Tarun Maheshwari
(CA, DISA)
(7150 Points)
Replied 29 January 2009
This you can confirm from your bank only. Every bank has a scheme for FDR which are specifically made for Sec80C purpose. These FDRs have a lockin period of 5 years. You can not break them in between. For details you need to contact the bank. They may clarify the provisions in this respect in more details.
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