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December 08, 2007 09:08 IST
The government on Friday announced a 5 per cent bonus on new monthly post office deposits.
The bonus will be applicable for Post Office Monthly Income Accounts opened on or after December 8, the finance ministry said in a statement.
The government will also offer tax relief on deposits with a maturity of five years and senior citizen savings scheme, the statement said.
The measures are aimed at promoting post office small savings, which has been witnessing a sharp decline due to lower return and lack of tax benefit for most of the schemes.
There has been a demand from different sections for restoring the element of bonus on monthly post office savings.
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