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Banks urge govt to reduce tax-saving FD tenure from 5 to 3 years
short by Ashley Paul / on Wednesday, 19 January, 2022
Indian Banks' Association (IBA) urged the government to reduce fixed deposit (FD) tenure from five to three years for availing tax benefits. "If the lock-in period is reduced, it would make the product more attractive and add more funds to the banks," IBA said in its pre-Budget proposal. They also sought special rebates for expenditure on financial inclusion activities.