Daijiworld News Network - Mangalore (GA) - pics - Praveen Tauro

Mangalore, Aug 8: Corporation Bank has launched a new tax saving term deposit "Corp Tax Saver" which gives the dual benefits of high returns and tax exemption under Section 80 (C) of the Income Tax 1961.  The product was formally launched by B Sambamurthy, CMD, on Tuesday August 8 at the Corporate Office here.

The product has two options, that is, Tax Saving Fixed Deposit (TSFD) which offers simple interest and Tax Saving Kshemanidhi Cash Certificate (TSKCC) offering compound interest under reinvestment plan.

The bank has recently instituted SME Excellence Awards to honour outstanding entrepreneurs in five areas, that is, Food and Agro Based Processing Sector, Auto Components Sector, Drugs and Pharmaceuticals Sector, Textile and Apparels Sector and others.  The best SME would be selected from each of these categories and awards will be given on national and regional level. 

These awards will be given by an eminent personality at a specially organized function.  It has also launched three innovative credit schemes especially for the SMEs of the country.  These are the Corp SME Gold Card scheme, the Corp SME Credit Card Receivable Funding scheme and Corp SME receivable funding scheme.