Which banks is giving highest rate of Fd..
Suppose i hav to fd 10lac.. then should i invest 5-5 lac into 2 banks or 10lac only in 1 banks..
5 in rbl and 5 in bandhan
these banks have great fd rates and offers no bs service. no need for a debit card, just maintain 5.5k in their savings, no extra charges
I m never done fd in any banks... tell me if banks will cut tds or anytype of tax after my timeline complted...
27
non emplyoed
father
You get best FD rate in Small Finance Banks but since you don't have an income I wouldn't recommend you park your money with them. They can go bust and RBI only guarantees the money in 90 days.
I recommend you park your money in too big to fail banks like HDFC, SBI, ICICI etc.
Income tax ka lafda to nh hoga na...i have already 3-4 bank acc..
27
non emplyoed
father
If it's a bank transfer you don't need to worry about the IT dept.
Gifts from parents to children and vice versa are tax free.
You are doing this for tax relief for your father, I presume. It's a good plan.
Split the money into 2 or 3, deposit in different banks and then make an fd.
If the interest from fd in a year crosses certain mark(40k), They will start deducting tds @ 10%.
You can avoid this by submitting form 15G with your bank at the start of the financial year, Since you don't have any other income.
For example, let's say you deposit 10L in a bank @ 7.5% interest rate,
You will get 75k as interest in a year.
Since it had crossed the 40k mark, the bank will deduct 7.5k and deposit as tds in your name with IT dept. If you dont submit 15G form with your bank.
Even if they deduct tds, you can claim it back by filing ITR for that year.
So dont worry, tell your dad to transfer the money to your account, just open accounts in banks with high fd rates.
Make fd and enjoy the interest(with your father responsibly).