BoR introduces tax saving deposit scheme

Indore, Sept 7: The Bank of Rajasthan has introduced a new tax saving term deposit scheme named 'BOR Tax Saving Term Deposit Account-2006' which offers a higher rate of interest than the normal card rate.

Investments in this scheme are eligible for tax benefit under section 80C of the Income Tax Act. Under this scheme, any individual or HUF can invest a minimum of Rs 100 and in multiples thereof subject to a maximum of Rs 1 lakh and can avail of tax benefits, says a bank release.

The rate of interest offered in the scheme is 8.25 percent per annum for general public and 8.75 percent per annum for senior citizens.The deposit will be accepted for a fixed term of 5 years and the interest will be paid either on maturity or on monthly or quarterly basis as per the option.

With a wide network of 439 offices in the country, the Bank has over two million customer base and offers ATM facilities at over 10500 ATMs across the country with strategic tie-up with other banks. The bank's 307 branches across 154 cities are offering online services. The bank had posted a 284 percent profit for the first quarter this fiscal.

UNI