Learn more about the different Tax Saving Deposit Schemes for all from TMB.
In accordance with the amendment to Section 80C (2) of the Income Tax Act 1961, bank term deposit qualifies for Section 80C deduction from assessment year 2007-08 onwards.
Under the deposit scheme “TMB TSD (Malligai)” the customers can withdraw interest monthly, quarterly, half yearly and annual basis.
Under the deposit scheme “TMB TSD (Mullai)” the interest will be paid at the time of maturity of deposit with cumulative interest.
“This deposit is subject to the features and terms of the CBDT Notification No. 203 / 2006 dated Jul 28, 2006 and / or its amendments, if any, from time to time notified by the Government of India”.
Since Malligai & Mullai Tax Saver Deposits basically piggy back on normal / muthukuvial fixed deposit with a 5 year lock in, please refer these two calculators.