Telangana Grameena Bank :: Deposits | Sri Rama Raksha Tax Saver Fixed Deposit Scheme

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).

Purpose

To avail tax benefit.

Eligibility

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

Period

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.

Interst Rates

The revised interest rates on term deposits will be as under:

Sl No.	Period	Revised Interest Rates w.e.f. 11.01.2023
1	7 days to 14 days	3.50%
2	15 days to 30 days	4.00%
3	31 days to 45 days	4.00%
4	46 days to 90 days	4.60%
5	91 days to 120 days	5.00%
6	121 days to 179 days	5.10%
7	180 days to 210 days	5.50%
8	211 days to less than 1 year	5.80%
9	1 year to less than 2 years	6.90%
10	2 years to less than 3 years	6.85%
11	3 years to less than 5 years	6.75%
12	5 years to 10 years	6.70%
13	TGB-KAMDHENU - 399 days	7.30%
14	TGB AMRUTHA - 777 Days	7.40 %
15	TGB AISHWARYA - 1111 Days	7.00 %
16	TGB SAMPANNA - 1555 Days	7.10 %
17	TGB KANAKADHARA - 2425	6.80%

1	Rate of interest for the term deposits of Rs.1.00 Crore (including split deposits) and above (including renewals) will be decided at Head Office on day to day basis as per the Bank's Requirement.
2	The above rates are applicable for NRE & NRO deposits also.
3	Staff will get an additional interest of 1.00% over card rate.
4	Senior citizens will get an additional interest rate of 0.50% over card rate for 1 year and above term deposits only.
5	For Super senior citizen of age 80 years and above, special rate is applicable for the special schemes only .
6	Our Bank's Retired Staff, on Superannuation, will get an additional interest rate of 1.00% p.a. on all deposits and also 0.50% p.a. as senior citizens.
7	Revised rates on deposit are applicable on new deposits and also for the existing deposits on their renewal.

Please Contact Your Branch for further details.