SIB Tax Gain 2006

Choose SIB Tax Gain Deposit if you are an investor who is an income tax assesses and looking to save tax.

Government of India vide reference No.203/2006 dated 28.07.2006 has notified the scheme “Bank Term Deposit Scheme-2006” effective from 01.04.2006. For unique identity, we have named the deposit scheme as “SIB-TAX GAIN –2006 ".

Key Features and Benefits

Ideal as a tax saving investment

Lock in period of 5 years

Attractive rate of interest

An investment up to Rs.1.50 lac (Minimum Rs.100/- and maximum Rs.1.50 lac in multiples of Rs.100/-) deposited in the bank as Fixed / under Compound interest scheme for a period of 5 years .
SIB Tax Gain Deposit is eligible to be treated as exemption from Income Tax under Section 80C of IT Act, 1961.
Amount deposited in the name of individual, joint (first name holder) or HUF (Karta) not exceeding Rs.1.50 lac in a financial year is eligible for tax exemption.
Though nomination can be registered, NO nomination shall be made in respect of a term deposit applied for and held by or on behalf of a minor.
The rate of interest will be the rate of interest applicable for Fixed deposits with maturity 5 years. Additional rate for senior citizens will be applicable to this deposit also.
Deposit can be transferred from branch to branch but not between banks.
This deposit shall not be encashed before the expiry of 5 years from the date of its receipt.
Interest on this deposit shall be liable to Income Tax on the basis of annual accrual or receipt depending up on the simple interest or compound interest scheme and tax on such interest shall be deducted as usual.
The deposit shall not be pledged to secure loan or as security mentioned as per the Term deposit scheme, 2006, issued by the Central Government of India.

With South Indian Bank, you can open the Kalpakanidhi Deposit seamlessly without much hassle.

If you are an existing SIB customer with a Savings Account or Current Account with us, follow the below simple steps.

Download the application form Click Here
Filled application forms with SB/CA account numbers mentioned in the column for introduction is required and no other documents are required.

In case you do not have a Savings Account or Current account with our bank, still you can easily open a deposit with us by following the below steps.
Download the application form Click Here

Fill in the details and sign the form
You may bring the filled up form, two passport-size photographs and documents like Passport/Ration card/Aadhaar card/Voter's card/PAN card as proof of address to our branch.
You may register for the value-added services by filling up the respective forms.

The South Indian Bank offers attractive rate of interest on SIB Tax Gain Deposit.

Category	Details
Interest Rates	Check Interest Rates

Check out the Deposit calculator to know how your investment will grow over a period with us.

Frequently Asked Questions

To get answers to the frequently asked queries

Rs 1,50,000/- under Section 80C

SIB Tax Gain 2006 deposit is having a lock in period of 5 Years. Tax Gain Deposit cannot be closed prematurely except on death of the depositor.

Yes, but the aggregate amount should be maximum of Rs 1,50,000/-

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