Comments on: Invest in Fixed Deposit (FD)

By: hari

hari — Wed, 08 Sep 2010 17:35:00 +0000

i m taking fd as senior citizen. do i have to pay tds?

By: Sridhar

Sridhar — Thu, 11 Mar 2010 07:42:39 +0000

If so i want to know total calculation on 5,00,000 FD
Bank will give 85% of FD as loan i’e – 4,25,000.

Awaiting right answer

By: sridhar

sridhar — Thu, 11 Mar 2010 07:37:12 +0000

Hi i am interested in FD loan, Bank of india told that interest
will 2% extra.
is it ok to move

By: yash

yash — Tue, 05 Jan 2010 10:15:23 +0000

Hi Krishna,

I am NRI. Further, I have interest income with TDS deducted in my NRO account. Further I have investment in LIC, existing PPF etc. Can I claim exemption under 80C the way residents do, when I file my income tax return to bring my tax slab to claim back the TDS. If I can exemtion under 80C for Rs. 1 lacs (LIC, exiting PPF contribution etc), I can save a lot of tax. Only income I have in india is NRO FD.

Please clarify.
Kind regards,
Yash

By: krishnas

krishnas — Thu, 26 Nov 2009 06:59:49 +0000

Hello SM,

Here is the calculator:
http://www.rupeetimes.com/calculators/fixed_deposits/fixed_deposit_interest_income_calculator.php

Please let me know. I can help you to chose the plan.

Thanks,
Krishna

By: SM

SM — Thu, 26 Nov 2009 06:51:39 +0000

Thanks Krishna.
Is there any way to check on the historical rate of interest and then simulate for different bank rates for the maturity amount?
If so please let me know the details of the site.

I want to enter the principal, tenure, know the rate of interest and it should let me know the maturity amount. Also what is the TDS deducted.

Thanks,
Sourav

By: krishnas

krishnas — Thu, 26 Nov 2009 06:41:17 +0000

Hello SM,

It depends on the which bank or company you are opening the fixed deposit account. Now the interest rates are very low. I don’t think it is good idea if you are expecting the good return.

Please let me know your plan.

Thanks,
Krishna

By: SM

SM — Thu, 26 Nov 2009 06:29:20 +0000

How much will my investment be worth if I have put 3.00 Lacs in fixed deposit in June 2008 to mature in December 2009? Please let me know the TDS that will be charged on maturity.

Thanks,
SM

By: Raja Deepak

Raja Deepak — Fri, 13 Nov 2009 18:26:44 +0000

Hi Krishna

Thanks for your suggestions,
I am working in a MNC company ,My ctc is 4.00 Lac,My daughter is 2.5 yrs old.I have one ICICI prulife unit link policy in my name, which i have completed 3yrs.These are the basic details .Regarding expences i have around 10,000-12,000 monthly home expences other than this i dont have any expence.rest of the amount i can do the saving.Please help me in building my financial portfolio in the right track.

Thanks
Deepak.

By: krishnas

krishnas — Wed, 04 Nov 2009 15:47:50 +0000

Hello Raja,

Thank you for the comments. Here I am writing the investment options for you. Since you have asked for the 1 lac,

1. Do you have LIC policy. If not please take one LIC policy. Rs.10000 premium policy is enough.

2. Open PPF account for your child. PPF is long term investment and has the lock-in period of 15 years. This savings will be useful when your child want to Join college. Under PPF you can invest Rs.70000(maximum limit) per year. It is up to you how much you want to save for your child.

3. Invest Rs.50000 under mutual fund scheme. I would suggest for the SIP. If you are investing for only one year then mutual funds is not the good option. You will get good return if planning for minimum three years. This month I will write one article explaining the most profitable SIP investments.

If you are providing your income details and expenses, I can give you more detailed investment options.

Thanks,
Krishna

By: Raja Deepak

Raja Deepak — Wed, 04 Nov 2009 15:02:34 +0000

Investment for Income tax.

Hi Krishnas , I am a regular fan of you site ,i need your help for planning my investment for my tax savings for 1 Lac.Can you plesae mail me the investment opportunities and the splits (i.e Mutual , fixed or LIC policy of one time investment for my child)which is the good option and how to slit the funds and also where all to invest .

My back ground – Married, 1 child (2yrs), Working in a MNC organisation i dont like to take SIP i want to clear my investment for that year and not want to carry over for next like eg paying every year for ulip plans or SIP,so please help me with this.Mail me back if any more information required or i can give you my Phone # too if required.Thanks in advance.

By: krishnas

krishnas — Thu, 17 Sep 2009 15:24:58 +0000

Hello Pawan,

You can open FD account in any branch. Normally FD is seperate account not linked to your savings account. If you want to show under section 80c please deposit under the Tax Savings Deposit. You can read about it here:
http://www.thinkplaninvest.com/2009/01/tax-savings-on-term-depsoit-under-section-80c/

Thanks,
Krishna

By: PAWAN MISRHA

PAWAN MISRHA — Thu, 17 Sep 2009 06:31:33 +0000

hi,
If i have an account in SBI in my native city and i m working in another city then can i get it made FD in any SBI bank or it will be only in that bank where your account is there..and i want to show it for 80c then what should i do

By: krishnas

krishnas — Thu, 16 Jul 2009 01:26:03 +0000

HI Pankaj,

If you are calculating the Simple Interest, then the total interest for 1 year is Rs.10500. The TDS for the interest income is 10% for the total income. In your case you will have to pay the Rs.1050 as the tax. Please consult with the banker. You can avoid the tax if you are splitting the investment into different branches. You can read this article here:
http://www.thinkplaninvest.com/2009/04/how-to-avoid-tds-on-fixed-deposit/

By: PANKAJ MIGLANI

PANKAJ MIGLANI — Wed, 15 Jul 2009 16:44:21 +0000

PLEASE LET ME KNOW HOW MUCH TAX WILL BE DEDUCTED ON INTEREST ON FD OF 1 LAKH FOR 365 DAYS IF THE RATE OF INTEREST IS 10.5% PER ANNUM.

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