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KVB launches Tax Shield deposit scheme

CHENNAI: Karur Vysya Bank has launched Tax Shield, a new deposit product aimed at investors among the taxpayers, on August 30. The bank offers a return of 8.50 per cent for regular deposits for the regular depositors and 9 per cent for senior citizens. Investment made in the scheme will qualify for income-tax benefits under section 80 C of the IT Act. Available under normal fixed term deposit as well as cumulative options, Tax Shield deposits are accepted for a fixed period of five years.

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