Chennai-headquartered Indian Overseas Bank has launched a five-year tax saving deposit scheme at an interest rate of 8.15 per cent per annum.
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 100,000 to the depositors, a press release issued in Mumbai on Wednesday said.
Senior citizens will earn 1 per cent additional interest (9.15 per cent) per annum on their investments in the scheme.
The IOB tax saving deposit scheme will enable depositors to avail of the benefit under Section 80 C of the Income Tax Act.
The minimum and maximum amount accepted under the new scheme is Rs 10,000 and Rs 100,000 respectively for a tenor of five years and above.
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