Save tax along with great returns over investments in AU Small Finance Bank’s Tax Saving Fixed Deposits. These regular Tax Saving products are available to all resident individuals, HUFs and Minors. Grow your wealth with AU Bank’s 5-year Tax Saving Fixed Deposit, which is a Term Deposit that comes with a minimum deposit of INR 1000 to INR 1.5 Lakh per Financial Year and gives you excellent Term Deposit interest rates in return.
Tax Information for 5-year Tax Saving Fixed Deposit
TDS will be deducted when interest payable or reinvested in Recurring Deposits and Fixed Deposits, per customer, across all branches, exceeds Rs. 40,000 in a Financial Year. In case of Senior Citizen, TDS will be deducted when interest payable or reinvested on Recurring Deposits and Fixed Deposits per customer, across all branches, exceeds Rs. 50,000 in a financial year. A TDS Certificate will be mailed to you after end of every quarter during the Financial Year, providing the details of TDS deducted during the quarter.
The following tax slab will be applicable for a 5-year Tax Saving Fixed Deposit.
Resident Individuals & HUF
“Please note that, TDS rate has been reduced to 7.5% for the period 14th May 2020 to 31st March 2021.”
A fresh Form 15G/15H is required to be submitted for each Financial Year. Form 15G/15H should be submitted at the time of creation of FD or beginning of Financial Year, whichever is earlier. Further, fresh Form 15G/H needs to be submitted for all subsequent deposit(s) booked during the Financial Year. TDS is recovered on the total of interest compounded, interest paid and interest accrued at the end of Financial Year i.e. 31st March on the Fixed Deposit(s)/Recurring Deposit(s).
In 2016, after the demise of her husband and two sons, Hema took charge of her husband’s Motor Driving School. AU Bank transferred the car loans in her name and provided support when Hema needed it the most. After one year, Hema became independent and her business is running better then before. She is also providing employment to four drivers in her Motor Driving School.
Owner - Motor Driving School
Vikas Soni, a teenager from Navalagarh — a small town in Rajasthan, has seen the hardships his father underwent to raise a family. The agricultural income was never enough to feed the family of 12 members.
All of 14, he dropped out of school and started working as a labourer. He tried his hands at selling milk and other avenues for income generation, but did not succeed. However, it did not dampen his spirits. “AU helped me when I decide to buy a pick-up van for my business in 1999,” says Vikas.
Since then there was no looking back for this progressive man. Today, Vikas owns 3 pick-up vans, runs an event management business, where he supplies flowers and makes music arrangements (DJ) at weddings, hotels and other events in and around his village.
Today, he is financially independent and is doing well.