Saraswat Bank’s Madhukar Tax Saving Deposit is the perfect savings scheme to do away with your tax troubles. Investments under Madhukar Scheme offered by Saraswat bank are exempted under Sec 80C of Income Tax Act. 
In the Finance Bill of 2006, the government had announced Tax benefits to Bank Term Deposits which are locked up for 5 year tenure u/s 80C of IT Act, 1961 vide Notification Number 203/2006 and SO1220 (E) dated 28/07/2006.

Features & Benefits:

  1. Minimum deposit accepted is Rs. 5,000 with upper threshold limit of Rs 1,50,000.
  2. Deposit can be kept in a single name or in joint names.
  3. Tax benefit under Sec 80C shall be available only to the first holder for 1st year. Investors can get income tax deductions upto Rs 150000/- p.a. under section 80C of the Income Tax Act, 1961.
  4. Tenure of deposit / lock in period is 5 years.
  5. Interest on the term deposit is payable Quarterly payable on quarterly rest.
  6. No premature withdrawal facility available (subject to t&c).
  7. The tax on interest earned is deductible in accordance with the provisions of section 194A or section 195 of the Income Tax Act 1961.
  8. Nomination facility is available.

For Interest Rate on Madhukar Term Deposits - Click Here