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?
S.Srinivasaraghavan
(Expert)
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.
Deepak Agrawal
(Expert)
13 November 2008
What is impact on tax if we mature te FD before maturity
Deepak Agrawal
(Expert)
13 November 2008
Reply
Hiral Raja
(Expert)
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.
Ravikumar.G
(Expert)
17 November 2008
thanks for that information
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