AB TAX SAVER

Andhra Bank has launched a Term Deposit Scheme called "AB Tax Saver", offering Tax benefit to the assessees as per Union Government Notification No.203/2006 dated 28.07.2006.

Salient Features of the Scheme :

An Individual or A Hindu Undivided Family ( Only IT Assessees with PAN)

Deposit amount should not exceed Rupees one lac in a year
      

 Lock  in period  is  05 years

The deduction from income under Section 80C of the Act is available

Rate of Interest under ' AB TAX SAVER ' Deposit Scheme is the same as that of Domestic Term Deposit. Accordingly, for the present, the applicable rate is 7.00 % p.a.