South Indian Bank Ltd. Head Office T.B Road, Mission Quarters, Thrissur 680 001,Kerala, India
Tax Savings Investment
Tax Savings Options Available With SIB
SNO
PRODUCTS
TAX RELAXATIONS
1
SIB Tax Gain Deposit
Section 80C of IT Act
2
Mutual Fund
3
Life Insurance
4
Health Insurance Policies
Section 80D of IT Act
5
NPS (National Pension Scheme)
Section 80CCD of IT Act
6
SIB- HOME LOAN
7
CAPITAL GAIN BONDS
Section 54EC of IT Act
8
INTEREST ON HOUSING LOAN
Section 24 (B) of IT Act
TAX PAYMENT FACILITY (Click to know more)
PAN Service Agency (PSA) (Click to know more)
Online E-Filing Facility (Click to know more)
The salient features of the scheme are given below:
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One of the preferred investment options for all those who want to play safe, yet save more than what traditional saving avenues offer! South Indian Bank has tied-up with the leading Mutual Funds, so that you may pick and choose, as per your investment goals.
Investments in ELSS (Equity Linked Savings Scheme) upto Rs.1.50 lakh are eligible for tax exemption as per Sec.80C. Long term capital gains are exempted subject to the provisions of the Income-tax Act, 1961. Tax saving funds of the following Mutual Fund companies is available at SIB branches.
Name of the AMC
Name of the Tax Plan
Aditya Birla Sun Life Mutual Fund
Aditya Birla Sun Life Tax Relief 96 Fund
Axis Mutual Fund
Axis Long Term Equity Fund
DSP Mutual Fund
DSP Tax Saver Fund
Franklin India Mutual Fund
Franklin India Taxshield Fund
HDFC Mutual Fund
HDFC Taxsaver Fund
ICICI Prudential Mutual Fund
ICICI Prudential Long Term Equity Fund (Tax Saving)
Kotak Mutual Fund
Kotak Tax Saver Fund
L&T Mutual Fund
L&T Tax Advantage Fund
LIC Mutual Fund
LIC MF Tax Plan Fund
Nippon India Mutual Fund
Nippon India Tax Saver (ELSS) Fund
Principal Mutual Fund
Principal Tax Savings Fund
SBI Mutual Fund
SBI Long Term Equity Fund
Sundaram Mutual Fund
Sundaram Diversified Equity Fund
Tata Mutual Fund
Tata India Tax Savings Fund
UTI Mutual Fund
UTI Long Term Equity Fund
Life Insurance is the best way to enjoy tax deductions on income tax. This is available for amounts paid by way of premium for life insurance subject to income tax rates in force. Under section80C the maximum tax deduction that can be gained for premium paid is Rs. 1,50,000/- in a financial year. Any amount received under a Life Insurance Policy including the sum allocated as bonus is exempted under section 10(10D) of the income tax act, 1961 subject to certain exclusions under the section
In case of an individual, amount of deduction on Medical Insurance premium (Section 80 D) cannot exceed:
(*) total amount of deduction for the expenditure incurred on preventive health check-up of assessee, his family and parents could not exceed Rs. 5,000.
Note: In aforesaid clauses a, b and c additional deduction of Rs 5,000 is available when medical insurance is taken on the life of senior citizen.
A contributory pension scheme by Pension Fund Regulatory and Development Authority (PFRDA) to promote old age income security. Along with long term benefits, NPS also provides benefit of tax saving.
Benefits of Joining NPS
Customer can withdraw lump sum amount if the corpus amount in NPS is below 5.00 lacs. Customer is required to compulsorily annuitize minimum 40% of accumulated pension wealth and remaining 60% can be withdrawn as a lump sum or in a phased manner; within the age of 75, if the corpus amount in is above 5.00 lacs.
Atal Pension Yojana is minimum Guaranteed pension scheme introduced by Govt of India in 2015. Under APY ,the subscribers would receive the fixed minimum pension from Rs 1000 to Rs 5000 per month, at the age of 60 years, depending on the their contributions which is fixed according to the age of the subscriber at the time of opening APY.
Benefits of Joining APY
Fulfill your dream of owning a home of your own with South Indian Bank Home Loan. To avail better offers and special scheme you can also check out our Builder Tie up projects.
Salient Features
(For getting Capital Gain Tax Exemption)
If the investor sells a house property i.e. house or land appurtenant thereto, after three years time period the profit earned attracts long term capital gains tax at a rate of 20% (after indexation). The assessee can choose to get exemption from this long term capital gain tax in 2 ways:
Either acquiring a residential house, by investing the amount in buying, either one year before or two year after/constructing a new house within a period 3 years, from the date of sale.
OR
Investing in Capital Gain Bonds.
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