Para 4 - Types of term deposit - Bank Term Deposit Scheme, 2006 - U/s 80C(2)(xxi)

Types of term deposit. 4. (1) Term deposit shall be of following types, namely:— ( a ) Single holder type deposits; ( b ) Joint holder type deposits; (2)( a ) The single holder type deposit receipt shall be issued to an individual for himself or in the capacity of the Karta of the Hindu undivided family; ( b ) The joint holder type deposit receipt may be issued jointly to two adults or jointly to an adult and a minor, and payable to either of the holders or to the survivor: Provided that in the case of joint holder type deposit, the deduction from income under section 80C of the Act shall be available only to the first holder of the deposit.