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Tax saver scheme from State Bank of Mysore

TIRUCHI: State Bank of Mysore has introduced SBM Tax Saver Scheme with effect from September 1. Under this scheme, a sum ranging from a minimum of Rs. 100 to a maximum of Rs. 1 lakh could be deposited with the bank as term deposit for five years. This scheme would be beneficial to the income tax assesses as tax exemption is given under the IT Section 80C. Customers have been given the option of getting the periodic interest either monthly, quarterly or at maturity. While the bank has offered a maximum of eight per cent interest on term deposits for five years and above made by the general public, the interest will be 8.75 per cent for the senior citizens, says a bank press release.

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