Bharat Overseas Bank Ltd., (BOBL) has announced the launch of a new tax saving deposit scheme called "BOBL Tax Saver Deposit", which provides tax benefit under Section 80C of the Income Tax Act, 1961 with the following salient features :

* Under the said scheme, Individuals and Hindu Undivided Family(s) can invest with a minimum of Rs.100/- and a maximum of Rs.1 lakh.

* The Deposit under the said scheme is locked in for a period of five years.

* Currently, the Bank offers an attractive interest rate of 8.25% p.a. for general public and 8.75% p.a. for senior citizens respectively.

* Customer can have option either to draw interest on monthly / quarterly / half yearly or lump sum at the time of maturity.