Indusind Bank launches ´Indus Tax Saver Scheme´

Indusind Bank Ltd has announced that the Bank has launched its Indus Tax Saver Scheme.

Under this new scheme, an individual or a Hindu Undivided Family can invest any amount ranging from a minimum of Rs 100 upto Rs 1 lac a year in Tax-saving term deposits with maturities not less than five years. Depositors will get exemption under Section 80C to the extent of Rs 1 lac per year under this scheme.

Deposits may be held either in an individual capacity, on behalf of minors, or jointly with other applicants. However, for deposits made in joint names, the deduction under Sec. 80 C of the IT Act shall be available only to the first applicant of the deposit.

No term deposit under this scheme can be encashed before the expiry of five years from the date of deposit. Also, such term deposit cannot be pledged to secure a loan or as security for any other asset.

Speaking on the occasion, Mr. Bhaskar Ghose, MD & CEO, said, "IndusInd Bank has always believed in offering products and services with enhanced features to its customers. With this objective in mind, today we are launching Indus Tax Saver Scheme. This term deposit scheme has been designed keeping in view the contents of Government of India notification - ‘Bank Term Deposit Scheme, 2006’ and aims at providing tax benefits to depositors. The rate of interest on term deposits under this scheme will be 8.50% p.a. at present. Senior Citizens will be offered an additional interest rate of 0.50%, at 9.00% p.a."

As on date, the Bank has 146 branches and 83 offsite ATMs spread over 116 geographical locations in 24 states and Union Territories. The Bank also has two representative offices in Dubai and London. The Bank still has 5 licences in hand and has applied for more.

After introducing a series of new products and services for its customers in the domestic market in the last financial year the Bank started focusing more on the NRI community abroad. Towards this end the Bank recently announced two strategic alliances : with Union National Bank, Abu Dbabi in the UAE, and Doha Bank in Qatar. These strategic alliances will encompass a wide range of banking services, including deposit accounts, remittance business, loans, wealth management advisory, distribution of third party products, trade finance, global banking, and investment banking including corporate finance. Through this partnership, the Bank and its allies will treat each other as preferred partners, with reciprocity of business flows and promotion of each other´s banking services.

Source : Equity Bulls

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