Federal Tax Savings Deposit
Features & Benefits
Looking for the ways to save income tax ? Federal Tax Savings Deposit will be the convenient and risk free option for you.
How to open ?
Who can open?
The following entities who intend to keep the amount deposited with the Bank for a minimum period of 5 years and undertake to satisfy the condition of lock-in-period under Sec. 80 C of the Income Tax Act can open the deposit:
- Individuals
- Hindu Undivided Family
- Trust
- Partnership Firm
- Body Corporate
How to open a Tax Saving Deposit?
Please visit your branch for opening the deposit.
Open Federal tax saving deposit through FedNet or our mobile banking application FedMobile.
Terms & Conditions
Maturity Value
- Maturity value will be computed at the applicable rate of interest, compounded at quarterly intervals and subject to the incidence of TDS on periodic interest
Period
- Tax Savings Deposits are having a fixed period of 5 years. The deposit has a lock-in period of 5 years
Transfer of Deposit
- At the request of the depositor/s, deposit under the scheme may be transferred from one branch of the bank to another branch.
- Deposits under the scheme shall not be transferred from one bank to another bank
Proof of Investment
- If the depositor requests, a certificate will be issued for producing before tax authorities
TDS & PAN
- In the case of Federal Tax Saving Deposits, applicable TDS will be deducted from the interest credited to operative account/ term deposit periodically.
- PAN number of customer shall be mandatorily updated in bank accounts.
- Kindly visit your Federal Bank branch with your PAN card (original & copy) to get the same updated on the bank accounts.
Interest Rates & Charges
- Please visit the Rates & Charges page for Savings bank interest rate.
- For Service charges and fees, please click here.
Fixed Deposits
Features & Benefits
Fixed Deposit is the right option for those who wish to invest their hard earned money and get periodical income by way of interest.
Cash Certificate
Features & Benefits
Cash Certificate is a growth oriented scheme for those investors who are looking to double their money in the shortest time at zero risk. Interest will be quarterly compounded and reinvested. Interest cannot be withdrawn before maturity of the deposit. On the due date of the deposit, interest and principal amount will be credited to your Federal Bank Savings account automatically. Cash certificates have the automatic renewal facility.
Tax Saving Deposit
Features & Benefits
Are you looking for the ways to save income tax ? Then Federal Tax Savings Deposit will be the convenient and risk free option for you. Tax benefits under Sec. 80 C of the Income Tax Act is applicable. In the case of joint accounts, tax benefits are available to first account holder.Tax Savings Deposits are having a fixed period of 5 years.
Annuity Deposit Scheme
Features & Benefits
Annuity deposit is the right choice to those who wishes to earn stable income for longest tenures. The payout comprises of interest earned and slice of principal.
Recurring Deposit
Features & Benefits
A recurring deposit is a type of term deposit which allows you to save a fixed amount every month systematically. Federal Savings Fund is a simple, yet brilliant recurring deposit scheme to save small amounts of money each month to plan for your future needs or to save towards a goal. You can choose any amount and term according to your convenience. If you feel it is tedious to make a monthly payment then we have the standing instructions facility. One can even avail a loan against the recurring deposit.
Millionaire Deposit
Features & Benefits
Millionaire Federal Savings Fund is a unique recurring deposit plan that lets you invest systematically over a period of time and makes you a millionaire on maturity.Any Resident or NRI customer can open this deposit.
Deposit Plus (Non-callable Deposit)
Features & Benefits
Federal Bank’s Deposit Plus is an investment option to provide higher interest rates for your idle money than normal deposits.