Syndicate Bank launches Synd Tax Shield

Bangalore, Aug 17 (UNI) Public Sector Syndicate Bank has launched a new deposit scheme, 'Synd Tax Shield', which offered Income Tax benefits to the depositors.

In a release here, the bank said that under the new scheme, any individual or Hindu undivided family could invest in multiples of Rs 100 for a minimum period of five years. The rate of interest on the deposit would be eight per cent per annum, with senior citizens getting an additional one per cent.

The scheme offered tax benefit under section 80 C of the Income Tax Act up to an investment of Rs one lakh. However, the investor could neither withdraw the amount within five years of investment, nor avail any loan thereon, the bank said.

UNI MV GD TS1821