Income Tax Return (ITR) filing: SBI customer? Lower your tax burden, invest money here

It's tax season! Country's largest lender State Bank of India (SBI) has encouraged its customer to invest in saving schemes, in order to lower their tax burden. SBI through its Twitter account has been asking customers to begin investment now in term deposits. Resident Indians for himself/herself as an individual or in the capacity of the Karta of the Hindu undivided family, having Income tax Permanent Account Number (PAN), can open a term deposit account or Special Term Deposit (STD) account.

"Looking to lower your tax burden? Invest in smart and efficient tax saving instruments, best suited for you, to lower your tax liability," SBI tweeted.

Looking to lower your tax burden? Invest in smart and efficient tax saving instruments, best suited for you, to lower your tax liability.#SBI #StateBankofIndia #TaxSeason #EndofFY18 #TaxSavingSeason pic.twitter.com/OMpoXLYWWZ

— State Bank of India (@TheOfficialSBI) February 18, 2019

It adds, "Your investments can save tax for you! Evaluate your financial goals to invest in tax saving instruments accordingly, to save taxes."

Your investments can save tax for you! Evaluate your financial goals to invest in tax saving instruments accordingly, to save taxes.#SBI #StateBankofIndia #TaxSeason #EndofFY18 #TaxSavingSeason pic.twitter.com/gV4cpVR37d

— State Bank of India (@TheOfficialSBI) February 19, 2019

At SBI, a deposit can be made with minimum Rs 1000 and maximum Rs 1.5 lakh.Minimum tenor is 5 years and maximum is 10 years.

Interest rates for term deposit at SBI, begins at 6.40% on investment made for tenure 211 days to less than 1 year. A 6.80% rate if enjoyed on tenures like 1 year to less than 2 year, 2 years to less than 3 years and 3 years to less than 5 years.Also there is 6.85% rate given on deposits made for tenure 5 years and up to 10 years.

No term deposit shall be encashed before the expiry of five years from the date of its receipt. However, loan facility is not available. 

Tax benefit up to Rs 1.5 lakh is given on deposits under section 80C of Income Tax Act. 

For tax claims one must fill a form during income tax return (ITR) filing. SBI says, "No excuses accepted! File your income returns on or before the due date and avoid paying a late filing fee."

No excuses accepted! File your income returns on or before the due date and avoid paying a late filing fee. #SBI #StateBankofIndia #TaxSeason #EndofFY18 #TaxSavingSeason pic.twitter.com/hl2BJmL96v

— State Bank of India (@TheOfficialSBI) February 20, 2019