11 February 2010
From the assessment year 2007-08 onwards any sum deposited in fixed deposit of not less than five years with a schedule bank is eligible for deduction under section 80C(2)(xxi). The said deposit should be in accordance with the terms and conditions of the 'Bank Term Deposit Scheme,2006' vide CBDT Notification No. S.O. 1220(E) dated July 28,2006 reported in 284 ITR (St) 73.
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