Term deposit - 80c

Act says for term deposit 'Any term deposit for a fixed period of not less than five years with the scheduled bank'.

If i invest in RD for 5 years period , may i avail tax exemption. 

Because the act has not mention anywhere as Fixed Deposit. It mentionedonly fixed period. pls suggest. 

Replies (4)

Just go to bank and ask them that you've to deposit in an FD eligible u/s 80C, as per my info currently it's for 5 years only since govt has not made any other FD eligible for it for the time being. Here is the extract relevant to this.

(a) for a fixed period of not less than five years with a scheduled bank; and

(b) which is in accordance with a scheme framed and notified, by the Central Government, in the Official Gazette for the purposes of this clause

 

Recurring deposit is recurring in nature, u have to deposit fixed amount on monthly basis and its not a one time fixed deposit. i think banks will not accept if u invest one time in recurring deposit

A term deposit implies one lump sum investment for a specified period. Periodical investments are called recurring not eligible for tax benefits.
A term deposit implies one lump sum investment for a specified period. Periodical investments are called recurring not eligible for tax benefits.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
30 September 2026
Senior Accountant

Codeboard Technology

Chennai

B.Com

View Details
Company
12 October 2026
Finance

I-Genext Consulting Private Limited

New Delhi

CA

View Details
Company
16 October 2026
CA article trainee

Zerdi & Co. Chartered Accountants

Pune

CA Inter

View Details
Company
ARTICLESHIP 22 October 2026
Articleship intern

Srinath Manikanta

Hyderabad

CA Inter

View Details
Company
Featured ARTICLESHIP 06 October 2026
Semi Qualified

AJAY SINGH AND CO LLP

Thane

CA Final

View Details
Company
13 October 2026
Accountant

Zerdi & Co. Chartered Accountants

Pune

B.Com

View Details
Company
ARTICLESHIP 07 October 2026
Article Trainee/ CMA Trainee

RMA And Associates LLP

New Delhi

CA Inter

View Details
Company
19 October 2026
Accountant

Jari Saree Center

New Delhi

Others

View Details