Date:23/08/2006 URL: http://www.thehindu.com/2006/08/23/stories/2006082302661803.htm

Business - Briefly

Tax saving deposit scheme from TMBL

TUTICORIN: Tamilnad Mercantile Bank Limited (TMBL) has introduced a Tax Saving Deposit (TSD) scheme. Under the scheme, the bank has framed two types of deposits, namely, TMB TSD-Malligai and TMB TSD-Mullai. The deposits could be opened with a minimum of Rs. 100 and the period of deposit will be for five years. The rate of interest under the scheme stands at nine per cent for senior citizens and 8.5 per cent for others, bank sources said.