BANKS TO GIVE POST OFFICES A RUN FOR THEIR MONEY

Life is not going to be the same again for the umpteen small savings schemes with a tax saver bait as commercial banks are hitting the streets in full force with a new Fixed Deposit (FD) scheme with a locking period of 5 years and tax savings features were by a deduction is allowed under section 80C of up to Rs. 1 lakh to the assesses investing. The icing on the cake is that the new scheme offers a higher rate of interest than the competing schemes like National Savings Certificate (NSC) and others.