Sahakar Bharati seeks Sec 80C benefit for term deposits of 5 years and above with UCBs January 30, 2021 Satish Kashinath Marathe, Director, Central Board of Reserve Bank of India - PAUL NORONHA× ‘All financially-sound, well-managed UCBs be allowed to open Sukanya Samriddhi Account’ Term deposits of five years and above placed with all Urban Co-operative Banks (UCBs) should be considered as investments eligible for deduction under Section 80C of the Income-Tax Act, according to Sahakar Bharati. Currently, under the term deposit category, only deposits placed with a Scheduled Bank for a fixed period of not less than five years are eligible for the aforementioned deduction.