(1)In this scheme, unless the context otherwise requires,-(a)"Act" means the Income-tax Act, 1961 (43 of 1961);(b)"assessee" means-(i)an individual; or(ii)a Hindu undivided family;(c)"form" means a form as prescribed by the scheduled bank;(d)"investment" means an investment in the term deposit of a scheduled bank by an assessee in accordance with this scheme;(e)"scheduled bank" means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955), or a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959), or a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), or under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980), or any other bank, being a bank included in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934);(f)"term deposit" means a deposit with a scheduled bank for a fixed period of not less than five years;(g)"year" means a year commencing on the 1st day of April.(2)Words and expressions used herein and not defined shall have the meanings respectively, assigned to them in the Act.
