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Interest Rate
4.0% per annum on individual/joint accounts with effect from
01.12.2011.
Investment Limits and Denominations
Minimum balance - Rs. 50/-; for cheque accounts -
Rs.500/-
No maximum limit on balance
Features
Cheque facility available; cheques are also accepted by scheduled
banks.
Interest is completely tax free under section 10 of Income Tax
Act.
Tax Factor
Interest amount exceeding Rs.3500/- per year is taxable.
All financial assets in form of small savings schemes have been
exempted from wealth tax
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