which all banks recognise Sec 80 C of Income Tax Act?

Question

i want to avail benefit under sec 80C of Income Tax Act for that which all banks are recognised

Answer 1

The Bank Term Deposit Scheme is notified on 28-07-2006.

The terms defined in the scheme are as follows -

(d) "investment" means an investment in the term deposit of a scheduled bank by an assessee in accordance with this scheme;

(e) "scheduled bank" means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955), or a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959), or a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), or under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980), or any other bank, being a bank included in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934);

(f) "term deposit" means a deposit with a scheduled bank for a fixed period of not less than five years;

Answer 2

See 80C deduction are PPF, LIC, MF, NSC etc and now one week before the bank FDR's for 6 years is also a 80C. State bank of india is accepting PPF. bank FDR recognised I will forward in another 2 - 3 days

Answer 3

Fixed Deposits for more than 5 years with Banks will qualify for Section 80 C deduction in India. For this, aFDs with all nationalised banks as also private sector banks will qualify.