Savings,Fixed deposits in India
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Tax saving is one of the prime important issue for an individual as we are paying up to 40% of our hard earned income as tax.
Various banks are offering different tax saving fixed deposits scheme with high interest rates plus abundant saving of taxes. Tax-saving is no longer the secured domain of Public Provident Fund and National Savings Certificate. Tax-saving Fixed Deposits offered by banks are also eligible for deduction under Section 80C. The deposits are subject to a 5-Yr lock-in period. Currently, the returns on tax-saving Fixed Deposits vary between 7.50-8.50 per cent per annum. The minimum and maximum investment amounts (per annum) have been pegged at Rs 100 and Rs 100,000 respectively. Introduction of tax-saving Fixed Deposits offers risk-averse investors the opportunity to broaden your horizons across mechanisms while conducting the tax-planning work out. A fixed deposit account allows you to deposit your money for a set period of time, thereby earning you a higher rate of interest in return. Fixed deposits also give you a higher rate of interest than a savings bank account. IDBI is launching a five year IDBI Suvidha Tax Saving Fixed Deposit with effect from August 4. The rate of interest on the five year deposit is 8.5 per cent. For senior citizens, the rate of interest would be higher at 9 per cent. Under the scheme, an Undivided Family can invest up to a maximum of Rs. 1 lakh. On a pre-tax basis, the return on the deposit works out to over 12 per cent.
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