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FD for 5 Years in Most Indian Banks Will Give You Relief u/s 80C

January 20, 2007 By Leave a Comment

alpesh.shah@jsw.in asked: Dear Sir,I want to know that what Kind (schedule Bank) Fixed Deposit Under Section 80c are acceptable. & what are the criteria for valid Fixed Deposit u/s 80c. Kindly Explain about name of schedule Bank in India which come under u/s80c. And also Guide Fixed Deposit in Joint name are valid u/s 80c.Regards,Alpesh shah

Suffice to know that most of the public sector banks like SBI ,Canara Bank,Allahabad Bank,UBI,Syndicate banks,ICICI Bank ,UTI Bank…………almost all major banks of India comes within the definition of bank wherein you make Term deposit for 5 years and which is declared so by a govt. notification . Ask your bank before doing such deposit. For you and other readers , excerpts of the relevant portion of Section 80C of the I T Act
“(xxi) as term deposit
(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.
Explanation.For the purposes of this clause, scheduled bank means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955), or a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959), or a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), or under section 3 of the Banking Companies (Acquisition )”
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