SBM Tax Saver Scheme is introduced in State Bank Of Mysore and will come into effect from 1st September 2006.

SBM - Tax Saver Scheme

Who can invest -

Assesses being individuals, either Singly or Jointly, Karta of the Hindu undivided family.
The joint holder type deposit receipt may be issued jointly to two adults or jointly to an adult and a minor, and payable to either of the holders or to the survivor;

Type of Deposit -
Term / Re-investment Deposit

Amount -

An assessee can invest in the term deposit any amount not exceeding one lakh fifty thousand rupees in a year.
The amount to be invested in the term deposit shall be a minimum of one hundred rupees or multiples thereof.

Period -

The maturity period of term deposit shall be five years commencing from the date of the receipt.
No term deposit shall be encashed before the expiry of five years from the date of its receipt.

Other Conditions

No premature payment is allowed.

The deposit can not be pledged to secure any loan or as security to any other loan / facility.

Contact your nearest Branch of State Bank of Mysore or
Chief Manager-

State Bank of Mysore
Personal & Services Banking Department
H .O.: K.G.Road, Bangalore - 560009, INDIA
Phone: 91 80 22353901.extn.380
Fax: 91 80 22283684
Email:cmpsb@sbm.co.in