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Last updated on : 8/21/2008

Under this term deposit Scheme, an individual or a Hindu undivided family can invest up to a maximum of Rs.1 lakh per Financial Year for a period of five years, to claim benefits under section 80C of the Income Tax Act.

The following are the details and salient features of the ‘PMCB Kar-Mukt Yojna’ Scheme:

KAR MUKT YOJNA SCHEME

  • Any amount, subject to a minimum of Rs.500/- and a maximum of Rs.1 lakh in a Financial Year, can be invested in the Deposit Scheme for a fixed period of 5 years. The deposits can be opened  as under:

    • Under Re-investment Scheme with quarterly interest compounding.
    • Under Fixed Deposit Scheme with Quarterly interest which may be applicable for only Senior Citizens.
  • The rate of interest under the Term Deposit Scheme 'PMCB Kar-Mukt Yojna' is as under :

    Type of Deposit Rate of Interest (p.a.)
    Under Re-investment with quarterly interest compounding 8.00 %
    Under Fixed Deposit Scheme with Quarterly interest (applicable only for Senior Citizen) 9.00 %
  • Prematurely closure of the deposit under the Scheme cannot be permitted.
  • Copy of PAN is mandatory for investment under the deposit scheme, irrespective of the amount of deposit.
  • Loan against the deposit under this scheme is not permitted and the term deposit cannot be pledged as a collateral to secure a loan or any other asset.
  • Tax will be deducted at source, if the interest income on these deposits exceed Rs.10,000/- in a Financial Year.
  • Nomination facility is allowed, except for deposit held in the name of the minor operated by guardian.

 
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