Bank of Rajasthan increases interest rates on deposits

The Bank of Rajasthan on Friday revised interest rates on its ‘tax saving term deposit scheme’ from 9.5 per cent to 9.75 per cent with effect from July 16, according to a bank press release.

For senior citizens, the bank has increased the interest rates to 10.25 per cent, the bank said. Investments in this scheme are eligible for tax benefit under Section 80C of Income Tax Act. Under this scheme any Hindu or undivided family can invest a minimum of Rs 100 and in multiples thereof to a maximum of Rs 1 lakh and can avail of tax benefit under Section 80 C.