8.15 pc interest on IOB tax saving deposit scheme

Mumbai, Sept 20: Chennai-headquartered Indian Overseas Bank (IOB) has launched a five-year tax saving deposit scheme at an attractive interest rate of 8.15 per cent per annum.

IOB spokesperson said here, ''IOB is the first bank to offer an add-on on the tax saving deposit scheme by way of a free Personal Accident Insurance cover of Rs one lakh to the depositors.

Senior citizens stand to earn 100 basis points (1 per cent per annum) additional interest at the rate of 9.15 per cent per annum on their investment in the scheme.'' The minimum and maximum amount accepted under the new scheme is Rs 10,000 and Rs one lakh respectively for a tenure of five years and above.

The IOB Tax Saving Deposit scheme will enable depositors to avail of the benefit under Section 80 C of Income Tax Act.

UNI