How to save Tax with Indian Bank

Indian Bank was established in 1907 and is a financial services company that is completely owned by the state. It is one of the biggest public sector banks in the country and offers a wide variety of tax saving schemes through different banking instruments for customers who wish to invest as well as save on tax.

Save Tax With Indian Bank:

Individuals who wish to avail of banking products through Indian Bank, can also look to save on tax due to the various tax benefits the bank’s products offer. Customers can look to avail of tax deductions by investing in housing loans, fixed deposits and many more.

Indian Bank Tax-Saving Instruments under Section 80C, 80D, 80E:

Indian Bank offers various banking solutions and products that can assist customers with tax saving benefits under the following sections of Income Tax Act

Under Section 80C:

  • Indian Bank Fixed Deposits:

Customers can avail of tax benefits under Section 80C by applying for any of the following tax saving fixed deposits through Indian Bank

  • Ind Tax Saver:

    Under this scheme individuals as well as HUFs can invest a maximum of Rs 1.5 lakhs per year for a period of 5-10 years

  • IB Tax Saving Certificate:

    Deposits under this scheme have a 5 year lock in period while rates of interest can range from 7% to 8% depending on the category the individual comes under.

  • Indian Bank Mutual Fund (IBMF):

Individuals looking to invest in the Indian Bank Mutual Fund can choose from 12 funds to invest in, which will give them tax benefits under Section 80c of the Income Tax Act.

  • Indian Bank Home Loans:

Indian Bank also offers the following housing loans that can help applicants avail of tax benefits under Section 80C on the repayments of the principal components of their loans

  • IB Home Loan
  • IB Home Loan Plus
  • Home Improve Loan
  • Plot Loan
  • Indian Bank Public Provident Fund Scheme:

Individuals looking to contribute to the Indian Bank Public Provident Fund Scheme can avail of tax benefits under Section 80C on their contributions as well as any interest that they earn.

Under Section 80E:

  • Education Loan:

Indian Bank also provides a number of education loans through which individuals can save tax. Applicants who avail of the following loans are eligible for income tax benefits under Section 80E of the Income Tax Act:

  • SHG – Vidhya Shoba
  • Educational Loan
  • IB Balavidhya Scheme
  • New IB Jeevan Vidya

Under Section 80CCD:

  • Indian Bank New Pension Scheme:

Subscribers to the Indian Bank New Pension Scheme are also eligible for tax benefits under Section 80CCD of the Income Tax Act.

Under Section 80TTA:

  • Interest earned on Savings Bank Deposits:

Individuals can avail of tax benefits on interest they earn on their savings accounts with Indian Bank. Tax deductions can be claimed up to Rs 10,000 under section 80TTA of the Income Tax Act. Indian Bank offers the following savings accounts through which applicants can save tax on interest:

  • Regular Savings Bank Account
  • IB Smart Kid
  • SB Gold
  • SB Power
  • SB Silver
  • SB Vikas Khatha
  • SB Platinum