Catholic Syrian Bank unveils new tax savings support scheme

New Delhi, Oct 3 (UNI) Thrissur-based Catholic Syrian Bank Ltd has launched a new deposit scheme called 'CSB Tax Savings Support, under which an amount invested upto Rs one lakh will be eligible for deduction under section 80 C of Income Tax Act.

The deposit are entitled to earn 8 per cent interest per annum for general citizens and 9.25 per cent per annum respectively.

They will be accepted in two following categories -- CSB Tax Savings Support-Income, under which interest will be paid on monthly or quarterly basis, and CSB Tax Savings Support-Growth, under which the interest earned gets reinvested.

The deposits can be made in multiples of Rs 100 upto Rs 1,00,000 in a financial year for a minimum period of five years.

UNI CS DKS BST1839