"Allahabad Bank Tax Benefit Term Deposit Scheme" offering the benefit under Sec.80C of Income Tax Act for the depositors (Income Tax assesses).
Investment : Any amount not exceeding Rupees one lakh in a year commencing on the 1st day of April of respective years. The amount to be deposited shall be a minimum of Rupees one hundred or multiples thereof.
Tenure of Deposit : Five years.
Encashment option : Premature encashment is not permissible.
Pledging of the Deposit : Can not be pledged to secure loan or as security to any other asset.
Nomination : Available.
Transfer from one branch to another : The deposit may be transferred from the issuing branch to another branch but not transferable from one bank to another bank
Single holder Type Deposits : Individual for himself or in the capacity of the "Karta" of a Hindu Undivided Family.
Joint holder type deposits : Jointly in the name of two or more persons payable to either of the holders or to the survivor. Deduction from income under section 80C of Income Tax Act shall be available only to the first holder of the deposit.
Rate of interest : The rate of interest applicable is as per the prevailing rate of interest offered by the Bank at the time of opening of the account with quarterly rests. No additional rate of interest for Senior Citizens and Staff of the Bank.
TDS on interest : Interest is liable to tax under section 194A or section 195 of Income Tax Act, on the basis of annual accrual or receipt, depending upon the method of accounting followed by the assessee.
Passport (along with validity details like date of expiry.
Voter ID Card
Identity card with photo issued by: Central Government and its departments, State Government and its departments, Statutory / Regulatory Authorities, Public sector undertakings.
Bank Passbook / statement.
Latest electricity bill or Landline Telephone bill (atleast 3 months old).