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'Tax exemption will help to mobilise retail deposits'

SBI hailed the Budget, saying the exemption of savings under fixed deposit from taxes was a boost to mobilising retail funds.

india Updated: Feb 28, 2006 15:53 IST

State Bank of India on Tuesday hailed the Union Budget, saying the exemption of savings under fixed deposit from taxes was a boost to mobilising retail funds.

"That the announcement of fixed deposit over five years maturity will be exempted from tax net for savings under Section 80C of IT ACT will help mobilise retail deposits in banks," SBI Managing director TS Bhattacharya said.

First Published: Feb 28, 2006 15:53 IST