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Sep 21, 2006

New Product

Tax Saver Term Deposit: 1. In terms of central government notification No.203/2006 dtd 28.07.2006 bank term deposits are kept at par with NSC, PPF and assessee can invest the amount in bank term deposits and avail tax benefits under section 80C of income tax act 1961. 2. Many banks have already started to issuing the above. 3. PAN number is compulsory for opening the deposit. 4. The minimum amount varies from bank to bank. 5. The maximum amount is capped at Rs.100000/- per year. 6. The deposit certificate to bear PAN number and Signature of assessee in addition to normal features. 7. The maturity period is fixed at 5 years. 8. No loan can be availed by assessee. 9. Most banks are offering 8% interest on the deposit. 10. Premature withdrawal of deposit is not allowed. (for other information kindly contact any branch of nearby bank)

News

Corporation Bank selling gold coins: . 24 carat fine gold of 999.9 purity . available in 2gm/5gm/8gm gold coins and 50gm/100gm minted bars . high quality product of PAMP S.A. Switzerland . in case of bulk purchases, the shape and emblem/symbol can be customized as per customers request

News

Union Bank of India has entered into an agreement with Director General of Foreign Trade (DGFT) and electronic payment facility has been made available by DGFT for payment of application fees for licensing schemes. Union Bank is one of the few banks offering e-payment facility for licence fees.