The Central Government has introduced Bank Term Deposit Scheme 2006,vide Notification No 203 / 2006, dated 28th July 2006, in exercise of the powers conferred by clause ( xxi ) of sub section (2) of section 80C of the Income Tax Act, 1961 ( 43 of 1961)
- Savings and investments in Fixed Deposits of not less than 5 years in scheduled banks would now qualify under section 80C of the Income Tax Act subject to the overall ceiling of Rs.1,50,000/- (Rupees one lakh fifty thousand only). This scheme is in line with the provisions of the Bank Term Deposit Scheme, 2006.
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