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Interest Rates
3.5% per annum on individual/joint accounts.
Investment Limits and Denominations
Minimum balance - Rs. 50/-; for cheque accounts -
Rs.500/-
Maximum Rs.1,00,000/- for individual accounts, Rs.2,00,000/-
for joint accounts.
Features
Cheque facility available; cheques are also accepted by scheduled
banks.
Interest is completely tax free under section 10 of Income Tax
Act.
Tax Rebate
All financial assets in form of small savings schemes have been
exempted from wealth tax
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