United Tax Savings Income Plan
Depiost Schemes & Special Features :
For UNITED TAX SAVINGS GROWTH PLAN, interest will be paid on maturity and for UNITED TAX SAVINGS INCOME PLAN, interest will be paid periodically.
An assessee can invest in such deposit scheme of the bank to the extent of any amount maximum up to 1.5lac in a financial year, commencing from 1st April every year.
The amount so invested by individual or HUF, is eligible for deduction under section 80C of Income Tax, 1961.
The distinct and special features of these Deposit Schemes from other normal Term Deposit Schemes are that the tenure of the deposit is for a fixed period of not less than 5 years and with a lock-in period of 5 years.
Eligible Depositors :
Self-introduction may be made by existing account holder on production of PAN Card or other Identity Card issued by competent authority (acceptable to bank) is sufficient for identification and proof of residence. Introduction from other account holders of Bank may be accepted.
Mode of Opening Account :
Deposit can be made by cash or transfer transactions and date of deposit will be same as date of transaction. But for transaction through collection of cheques etc. Interest will be paid from the date in which bank is funded with the collection proceeds.