Tax Saver Term Deposit Scheme was introduced in the Bank w.e.f. 06.12.2006. The scheme offers dual benefits of attractive interest rates and tax rebate under Section 80C of the Income Tax Act 1961.
In partial modification to the existing Tax Saver Term Deposit Scheme, option of interest payout at quarterly and monthly intervals have now been provided along with the existing option of interest payout at the time of maturity of the deposit.
Details of Bank’s Tax Saver Term Deposit Scheme are provided in attached annexure.
Tax Saver Term Deposit Scheme