Although the Budget presented in Parliament does not evoke any interest among the common people because of absence of initiatives for promoting employment or avenues for self-employment, scheduled banks will receive a boost in securing deposits.

The Budget proposals extend the tax rebate for investment in fixed deposits of commercial banks with a five-year maturity period.

The amount invested will come under the provisions of Section 80C for the one lakh reduction in income if invested in approved savings schemes. This will surely be welcomed by all sections of income-tax payers.

Padmaraju Iyer


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(This article was published in the Business Line print edition dated March 1, 2006)
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