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Term Deposits

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Querist : Anonymous

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Querist : Anonymous (Querist)
20 July 2011 I have a Term Deposit of Rs. 50000 in Oriental Bank of Commerce. It is for 5 years. However, just want to now if I will be eligible to get any deduction under Ch. VIA.

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Ravikant

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Ravikant (Expert)
20 July 2011 Term Deposits with 5 yr maturity can be claimed as deduction under 80C in the year of deposit
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
20 July 2011 Deduction under section 80C(2)(xxi)can be claimed provided the deposit is covered under "Bank Term Deposit Scheme,2006".
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