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IOB launches new deposit scheme

CHENNAI: Indian Overseas Bank is introducing a new tax savings deposit scheme to enable customers to avail themselves of the benefit under Sec. 80 C of the Income-tax Act. The minimum and maximum amount accepted for five years and above under the scheme is Rs. 10,000 and Rs. 1 lakh, respectively. The interest rate has been fixed at 8.15 per cent (9.15 per cent for senior citizens).

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