• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• Business Line
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

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.

More Stories on : Fixed Deposits | Income Tax | Private Banks

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
ECGC plans to set up factoring services arm

Copyright © 2006, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line