Tax Planner Deposit
A smart financial choice that offers high returns and tax exemptions under Section 80C of the Income Tax Act 1961. With a flexible investment range of ₹100 to ₹1.5 lakhs annually, this reliable savings scheme is designed to help you maximize your wealth while minimizing your tax liabilities. We prioritize convenience, ensuring prompt issuance of deposit receipts and offering a fixed 5-year term for your investments. Live your life in peace knowing your money is in safe hands with a bank you can trust. Read more Read less
Why this deposit is for you
Grow your money and secure your future with our deposit choices.
Enjoy the dual benefit of high returns and tax exemption under Section 80C
Invest as little as ₹100 or up to ₹1.5 lakhs per year, in multiples of 100
Choose from quarterly or monthly interest payments, and nominate beneficiaries with ease
Features
A century of trust, now at your fingertips
Travel, shop, or pay bills—all in one app. Experience KBL Mobile Plus today.
Available on Google Play Store and App Store.
As easy as 1,2,3...
Apply for a Tax Planning Deposit in 3 simple steps
Step 1
Visit your nearest branch
Go to your nearest Karnataka Bank branch
Step 2
Start with your basic details
Provide your basic details and keep your documents handy
Step 3
We’ll take care of the rest
Our branch officials will notify you when your account is opened
Explore other options for you
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Got questions? We’ve got answers.
No, premature withdrawal is not permitted as the funds are securely locked in for a fixed 5-year term.
Yes, you can nominate a beneficiary for your deposit, except for deposits held in the name of a minor represented by a guardian for added security.
In the unfortunate event of the deposit holder's demise, the nominee can encash the deposit by providing proof of the holder's death. This ensures a smooth transition of the investment. T&C apply, click here to know more.
To download the KBL Mobile Plus app, visit the Google Play Store or Apple App Store on your mobile device. Search for 'KBL Mobile Plus' in the store, select the app published by Karnataka Bank, and click 'Install' to download it onto your device.
NEFT (National Electronic Funds Transfer) is available for individuals, firms, or corporate bodies with accounts in the bank, facilitating electronic transfer of funds to any other NEFT-enabled bank branch in the country.
Yes, our bank deposits are generally considered a safe investment. This safety is primarily due to deposit insurance schemes provided by government agencies, which protect a certain amount per depositor in case of financial volatility. Additionally, we are subjected to stringent financial controls and oversight, further enhancing the safety of deposits. However, while safe, the returns on deposits, particularly savings accounts, are usually lower compared to riskier investments like stocks or mutual funds.
Whether a deposit is better than a mutual fund depends on your financial goals, risk tolerance, and investment horizon. Deposits offer safety and guaranteed returns but typically with lower interest rates. Mutual funds, on the other hand, have the potential for higher returns but come with greater risk and market volatility. For short-term goals or if you prioritize capital preservation, deposits might be preferable. For long-term goals with a higher risk appetite, mutual funds could be more suitable.
Yes, we allow you to open a joint deposit account with one or more individuals, subject to terms and conditions. This means you and the other person (like a family member, spouse, or business partner) can both manage and have access to the money in the account. Both of you can deposit or withdraw money, and the terms of the account usually apply to both parties equally. It's a common way for couples or business partners to manage their finances together.
Tax on interest is determined based on annual accrual or receipt, depending on the accounting method you follow. This ensures compliance with tax regulations while optimizing your returns. Click here to see the latest interest rates.
Tax planner deposits are an excellent tool for reducing taxable income under specific sections of the Indian Income Tax Act. They offer the dual benefits of saving tax and earning interest on your deposits. With a lock-in period typically ranging from 5 to 10 years, these deposits encourage long-term savings while providing tax relief.
The interest rates for tax planner deposits are usually competitive, and the interest is compounded quarterly. The rates may vary depending on the term of the deposit. It's important to note that the interest earned is taxable, albeit the principal amount qualifies for tax deduction.
Do consider your financial goals and tax planning needs before investing. Understand the lock-in period and ensure it aligns with your financial planning. Don't overlook the tax implications of the interest earned. Keep track of changes in tax laws that might affect your deposit.
