UCO BANK Launches New Deposit scheme

Kolkata, Aug 30 (UNI) UCO Bank will launch a new term deposit scheme "UCO Tax saver deposit scheme -2006" from September one.

The new scheme with maturity of not less than 5 years subject has a lock in period of 3 years. An assessee of Income Tax can invest in term deposit under the scheme up to any amount not exceeding Rs.100,000 in a year and available benefits under section 80C of the Income Tax Act 1961, UCO bank sources here today said.

They said deposit accounts under the scheme could be opened by an individual, Hindu undivided family and jointly by two adults or jointly by an adult and a minor, and payble to either of the holders or to the survivor. The minimum and maximum amount shall be Rs.100/- and Rs.100,000 respectively year( April 1 to March 31).

The annual rate of interest to general customers would be 8 per cent and for senior citizens the rate of interest would be 8.75 per cent per annum, they said.

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