« Top Headlines » Open DEMAT Account in 24 hrs  No more tax filing hassles with digital Form 16 Know how it works «  Act prevails over subordinate legislation... `Waive sales tax on pea flour'... » IOB unveils new tax saving deposit scheme September, 19th 2006 Indian Overseas Bank has rolled out a new tax saving deposit scheme with a free personal accident insurance cover for Rs 1 lakh. Interest rate under this scheme will be 8.15 per cent for regular depositors and one per cent higher for senior citizens. The tenure of the deposit has been fixed for 5 years and above and the minimum acceptable at Rs 10,000 for availing of tax benefit under Section 80 C of the IT Act.