Tax saving fd
This query is : Resolved
29 October 2013
Sir, can I make tax saving fd from kotak mahindra bank for 5 years. Tax saving fd is valid from nationalised bank or from private banks also.
29 October 2013
Deduction is allowed to deposits in scheduled banks irrespective of nationalized or private. Kotak Manidra Bank is a scheduled bank. Therefore, if the FD is covered under the 'Bank Deposit Scheme,2006', amount deposited qualifies for deduction u/s 80C(2)(xxi).
29 October 2013
Dear Vijay,
in addition to Warrier Sahab's advice, please remember that the interest earned on tax saving FD is not exempt and you shall be liable to pay taxes on the same.
in addition to Warrier Sahab's advice, please remember that the interest earned on tax saving FD is not exempt and you shall be liable to pay taxes on the same.
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