Our Bureau

Mumbai, Aug 7

South Indian Bank has launched a fixed deposit scheme, called `Sib Tax Gain 2006', which will offer tax savings options to customers.

This follows the recent Government notification, which has included fixed deposits in the list of savings schemes that are eligible for tax exemptions under Section 80 C, said a press release from the bank. The deposit can be opened with minimum Rs 100 and in multiples of Rs 100 up to Rs 1 lakh for five years under simple interest or compound interest scheme. Senior citizens are eligible for higher rate of interest at par with other deposits, said the press release.

The deposit can be in the name of individuals or joint or the Hindu undivided familyDeposit can be transferred from one branch to another of the bank. This deposit cannot be closed within five years, nor it can be pledged for a loan, the release said.

(This article was published in the Business Line print edition dated August 8, 2006)
XThese are links to The Hindu Business Line suggested by Outbrain, which may or may not be relevant to the other content on this page. You can read Outbrain's privacy and cookie policy here.