Section 4 in The National Housing Bank (Tax Saving) Term Deposit Scheme, 2008
4. Types of term deposit.
(1)Term deposit shall be of the 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 shall 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 80-C of the Income Tax Act, 1961 (43 of 1961) shall be available only to the first holder of the deposit.
