Introduction:
The Income Tax Act has made provisions for individuals to claim deductions when filing their taxes. Vijaya Bank offers a number of products that can be purchased to save tax. Individuals can make investments in the bank, be it in the form of deposits or even interest and premium payments made towards educational or housing loans.
Save Tax with Vijaya Bank:
Following are the deductions that can be claimed under different sections of the Income Tax Act :
Tax Benefits under Section 80C:
1. Vijaya Tax Savings FD Scheme:
Depositors under the Vijaya Tax Savings Fixed Deposit Scheme are allowed to make deposits to the limit of Rs.1.5 lacs per financial year and the tenure of the deposit extends to five years. Premature withdrawals are not allowed under this scheme and the minimum deposit you must make is Rs.100. All further deposits must be made in multiples of Rs.100.
2. Vijaya Bank Housing Loan:
Individuals between the ages of 21 and 65 years can avail housing loans from Vijaya Bank at 9.65% per annum for purposes such as construction / purchase / improvement / renovation of flat / house. The tenure of the loan extends to a maximum of 30 years.
Tax Benefits under Section 80E:
Educational Loans:
IBA Model (India and Abroad): Meritorious students of Indian nationality can avail the IBA Model educational loan from Vijaya Bank and pursue higher education be it in India or abroad. The maximum amount you can borrow from the bank is Rs.10 lacs if you plan to study in India and Rs.20 lacs if you’re going to study abroad. The interest rate applicable to your loan will be determined by the amount borrowed.
IBA Model Skill Loan: Indian nationals can avail the IBA Model Skill Loan to secure admission to courses offered by any linked Training Institutes. The quantum of finance varies from Rs.5,000 to Rs.150,000, and the rate of interest is around 11.45% (floating).s
Tax Benefits under Section 80TTA:
Interest Income on Savings Accounts:
V Payroll Savings Bank Account: This savings account is designed for salaried individuals, especially those who ply their trade in government departments, institutions, corporation firms and companies.
V Genuth Savings Bank Account: This savings account is tailored for children between 0 and 18 years of age, and the minimum deposit to open the account is just Rs.10.
V Balika Savings Account: The National Scheme was designed by the Indian government to promote secondary education among unmarried girls who are under 16 years of age. Customers can open the account without depositing any money into the account, and the interest rate applicable to it is the same as what applies to a regular savings bank account with Vijaya Bank.
Vijaya Saral Savings: This savings account can be opened by depositing just Rs.10, and it will continue to be used even if the balance is zero without the levy of any penalty.
V Basic SB: The V Basic Savings Bank account can be opened by individuals with an initial deposit of just Rs.10 and can continue even with zero balance.