BOB Ltd launches tax saver deposit scheme

New Delhi, Sept 24: Bharat Overseas Bank Ltd (BOBL) has launched a new tax saving deposit scheme 'BOBL Tax Saver Deposit', under which individuals can invest with a minimum of Rs 100 and a maximum of Rs 1 lakh.

The bank will offer interest rate of 8.25 per cent per annum in general and 8.75 per cent per annum for senior citizens respectively.

The deposit under the said scheme is locked in for a period of five years.

The scheme has options either to draw interest on monthly, quarterly, half-yearly or lump sum at the time of maturity.

It provides tax benefit under section 80 C of the Income Tax Act, 1961.

UNI