If you want to avail tax benefit under section 80C of Income Tax Act we have the scheme where you can deposit a sum not exceeding Rs.1,50,000 in a financial year with the bank for a period of 5 years. The deposits under the scheme are accepted only from individuals and HUF. A copy of PAN card of the depositor is required while opening the account under the scheme.

No premature payment & loan against this deposit will be allowed by the bank. The deposit under the scheme can be accepted either under fixed deposit scheme or Dhanvardhini deposit scheme TDS will be deducted if the amount of interest in a financial year exceeds for senior citizen Rs.50,000 and for others Rs.40,000. If you do not want to pay TDS you will have to submit Form 15G/H along with a copy of PAN card every year.