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Fixed Deposit for Tax Benefit.

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Querist : Anonymous

Querist : Anonymous (Querist)

07 February 2011 Dear All,

If i will put FD in the bank for IT benefit for 5 year but want to withdraw in few month, in that case can i withdraw FD? Kindly guide me.

Sunil Kr. Sanganeria

Sunil Kr. Sanganeria (Expert)
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07 February 2011 If you deposit money for five years in a bank for getting deduction u/s 80C of the IT ACt, in that case Bank mention that on FD and will not allow you to encash before maturity.

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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07 February 2011 As per clause 11(2) of the Bank Term Deposit Scheme,2006 ,by which those deposit's are eligible for 80C deduction, premature withdrawal is not permitted.

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Guest

Guest (Expert)

07 February 2011 No withdrawal is allowed except in cash of death

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