Bank term deposit scheme: five year fixed deposits qualify for section 80C deduction subject to prescribed conditions. The Bank Term Deposit Scheme, 2006 prescribes that individuals and Hindu undivided families may invest in scheduled bank term deposits of at least five years for purposes of deduction under section 80C, subject to an annual investment ceiling and minimum denomination. It sets procedures for application, issuance of receipts bearing prescribed particulars, nomination rules, non transferability between banks, prohibition on pledging, replacement of lost or damaged receipts with indemnity requirements, encashment only on five year maturity, bank determined interest payment modes, taxability of interest under the Act, and a governmental power to relax provisions to avoid undue hardship.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Bank term deposit scheme: five year fixed deposits qualify for section 80C deduction subject to prescribed conditions.
The Bank Term Deposit Scheme, 2006 prescribes that individuals and Hindu undivided families may invest in scheduled bank term deposits of at least five years for purposes of deduction under section 80C, subject to an annual investment ceiling and minimum denomination. It sets procedures for application, issuance of receipts bearing prescribed particulars, nomination rules, non transferability between banks, prohibition on pledging, replacement of lost or damaged receipts with indemnity requirements, encashment only on five year maturity, bank determined interest payment modes, taxability of interest under the Act, and a governmental power to relax provisions to avoid undue hardship.
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