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Sri Rama Raksha Tax Saver Fixed Deposit

Sri Rama Raksha Tax Saver Deposit Scheme

This is a special deposit scheme which gives benefit under sec.80 C of Income Tax Act & yields high interest rate i.e. on par with term deposits. Under the scheme, interest will be paid at Monthly/Quarterly/Half yearly/Annual intervals or interest amount will be reinvested as in the case of our Special Term Deposit scheme, as per the choice of the depositor.

The depositor has to give a declaration to the effect that the deposits are meant for claiming exemption under Sec.80 C of I.T.Act (format enclosed).


To avail tax benefit.


All income tax payers having Permanent Account Number (PAN) in addition to any other particulars which the bank may specify, are eligible to invest under the scheme. The term deposit shall bear PAN in addition to the name and address of the depositors

For Know Your Customer(KYC) Guidelines click here

Amount of investment

Under the scheme, an assessee (an individual or Hindu undivided family) can invest a minimum amount of Rs.5,000/- and in multiples of Rs.500/- thereafter, with a maximum amount upto Rs.1.00 lakh in a year.

Types of Term Deposit

  • Single Holder
  • Joint Holder

The joint holder type deposit receipt may be issued jointly to 2 adults or jointly to an adult and a minor and payable to either of the holder or to the survivor. The deduction from income U/S. 80C shall be available only to the first holder of the deposit.

For Nomination Facility click here


  • The minimum maturity period of a TDR shall be 5 years commencing from the date of deposit and maximum period is 10 years.
  • No TDR shall be encashed before the expiry of 5 years from the date of its receipt.

Rate of interest

For present Interest Rates click here

  • The interest may be paid either in lump sum at the time of maturity or be paid monthly/quarterly in accordance with the regulatory guidelines for payment of interest on the term deposit.
  • Where the interest is paid by the Bank in lump sum at the time of maturity, the TDR shall bear the yearly rate of interest on the Term Deposit.

Pledging of TDR

The TDR shall not be pledged to secure a loan or as security to any other asset.

Income Tax

Interest on these TDRs shall be liable to tax under IT Act, on an annual accrual or receipt basis, and shall be deducted in accordance with the provisions of Section 194A or section 195 of the Act.