Mahanagarbank tax sever Scheme

Central Government vide notification 203 of 2006 dt 28.7.2006 has formulated a Bank Term Deposit Scheme which would be eligible for deduction under Section 80 C of the Income Tax Act. MAHANAGAR BANK Tax Saver Scheme has been launched based on the notification of Central Government.

Individuals or Hindu Undivided Family (HUF) having Permanent Account Number (PAN) can deposit under this scheme. Joint accounts are permitted but the benefit under Section 80C of IT Act are available to the first person.

Term deposit shall not be pledged to secure loan or as security to any other asset. Foreclosure not allowed before the expiry of 5 years from the date of deposit. TDS on deposits as per Section 194A /195 of the Income Tax Act.

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