This deposit scheme is mainly introduced for tax saving purpose of the depositor. The depositor can get 100% tax benefit sec. 80 C of the Income Tax Act on their deposits. The period of the Samruddhi Tax Saving Deposit is for 5 years and the depositor is neither authorized to take advance against this type of deposit nor he/she could premature closed the said deposit receipt i.e. one should invest under Samruddhi Tax Saving Deposit scheme for 5 years only. The depositor if required, should get monthly / quarterly interest on the said deposit receipt. |
