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Bank Deposits

Bank Deposits are undoubtedly the best Investment choice. Fixed Deposit or Term Deposit is an investment where any individual or institution can apply and where the interest rate is guaranteed (generally 8-10%), so you know exactly what your investment is going to give you.

Advantages:

»Assured Returns: The declared rate of return(ranging 8-10%) is guaranteed.

»Principal Safety: Bank Deposits are secured by RBI upto 1 lacs rupees per account, which means that if bank does not return you the money or goes bankrupt, RBI will pay you up to 1 lacs of deposits.

Flexibility: Term ranging from 15 days to 10 years. Deposit amount starting from Rs 1,000 with no upper limit.

Easy liquidity: You can withdraw the FD at any time before maturity without any difficulty with applicable interest rate.

Overdraft Facility: You can also avail loans up to 80-90 % of the principal.

Senior Citizen’s Advantage: Senior citizens get higher interest rates on their FDs which 0.5-1% higher than normal investors.

Disadvantage:

Inflation risk: If the rate of return is less than inflation then the FDs causes loss of purchasing power.

Actual return= FD Interest Rate- Inflation

Example: FD rate 8% and inflation rate 10% you end up losing purchasing power of principal by 2%.

Interest Taxable: Interest earned is clubbed with that year’s income, and is taxed as per the applicable IT slabs.
Example: If you are taxable income is above 10 Lakhs then you are following in the tax slab of 30% and interest earned on your FD earned is 1 Lakh in that year then tax applicable is Rs. 30000.

Tax is deducted at source on the interest accrued on FDs if the interest paid on your deposit exceeds Rs.10000/- per year.
There will be a TDS (Tax Deductible at Source) applicable to your maturity amount. Premature Withdrawal: Some banks may also charge a penal rate of interest as prescribed by the bank on the date of deposit.

What are Recurring Deposit?

They are very similar to Fixed Deposits with an advantage of investing regular fix amount of money every month.

The minimum balance of deposit is Rs. 500 per month and thereafter, in multiples of Rs. 100.

The term ranges from 6 months to a maximum period of 10 years, in multiples of 3 months.

How are RDs different from FD?
Not a one time deposit.
Non-applicability of Tax Deduction at Source (TDS). However Interest is accrued in your taxable income.

Tax Saving FDs

Features: It enables you to save tax and earn high returns. A dual benefit option structured to maximize your tax advantage.

Tax Rebate: U/S 80 C of income tax. Upto 1 Lakh.

Amount: 10 thousand to 1 lakh
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