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Two new tax saver schemes from CUB

Corporate Reporter

CHENNAI: City Union Bank has announced the launch of two new deposit schemes, Cub Tax Saver Gold, Cub Tax Saver Silver, which confer the benefits of 80-C of IT Act, consequent upon Central Government's notification in this regard. An investment of Rs. 10,000 becomes Rs. 15,000 in five years at 10 per cent simple interest annually.

The effective rate of interest works out to 17.72 per cent, taking into account the tax benefits that accrues to the depositors, according to a release.

Cub Tax Saver Silver scheme is for monthly savers who wish to save regularly and make lump sum deposit in March.

The net worth of the bank has crossed the Rs. 300 crore. Deposits have grown to Rs. 3,555 as on June 30, 2006, against Rs. 3,092 crore at the end of June 30, 2005.

Advances have risen to Rs. 2,485 crore from Rs. 2,040 crore.

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