CHENNAI: The Central Government has designated the Indian Overseas Bank for collecting PM CARES funds, which will be used to support the nation following the COVID-19 outbreak, a statement from the bank said. The contributions can be made through RTGS, NEFT, IMPS, cheques or demand drafts drawn in favour of ‘PM CARES FUND’.
One can also remit contributions directly by Electronic Clearing System (ECS) to the designated savings bank account of Indian Overseas Bank. All such contributions will be entitled to 100 per cent income tax exemption under section 80G of the Income Tax Act.