Looking to invest your hard earned money with on a Fixed Deposit? Read on to know all about the best FD interest rate and tax saving hacks.
It is always a good idea to invest all your excess funds on something. Investments turn to be good, more often than not. India as a country is known to be conservative in terms of spending the income received. Most of us strive towards saving for the future and not live paycheck to paycheck.
When it comes to selecting the right avenue for investment, the option of banks and NBFCs stands right at the top of the list. This is because, safety takes priority over alluring, sometimes fallible promises on returns.
Amongst the type of deposits available in them, Fixed Deposit works best if the idea is to invest for a long term. The money here is forced to remain with the bank for a certain period, ensuring forcible savings.
Another reason why it’s a good idea to choose Fixed Deposits—it promises a higher rate of interest than other options like current or savings account.
If you’re deciding to invest your money on Fixed Deposits, then here are some tips and tricks to help you with term deposit interest rates 2016 and tax hacks to avoid TDS on it.
Choose the Best Fixed Deposit Rates:
One of the most important features of Fixed Deposits is the rate of interest they bring in. Hence, it becomes crucial to choose the institution which provides the higher rate of interest than others.
Bajaj Finserv, a leading financial services company gives one of the best Fixed Deposit rates.
Take a look at the interest rate scheme that they’ve got to offer for different maturity periods:
These are some of the best Fixed Deposit rates in India that you can consider.
Additional benefits at Bajaj Finserv:
Avoid TDS on Fixed Deposits if your Income is below the Taxable Limit:
After you make an investment decision with Fixed Deposits, think about how best you can avoid TDS (Tax Deducted at Source) being imposed on those investments when your total Income is below the maximum about chargeable to tax. Avoiding TDS in such cases is suggestible to save ourselves from the hassle of claiming TDS refund Later but we do not suggest any of the method below for those assessee whose Income exceeds the minimum amount chargeable to tax as these tricks only saves TDS deduction but do not save assessee from tax liability which he has on his taxable Income.
Follow the 4 steps mentioned below to avoid TDS on the Fixed Deposits:
By now, you should be aware of the best Fixed Deposit rates. These tax hacks to avoid also have been helpful to you.
With your investments in the form of Fixed Deposits, you can be pretty sure that you’re going in the right direction. After all, this is one of the safest methods of investing.
Do you think CBDT should extend Tax Audit Report and relevant ITR Due Date? Please Comment, Vote, Retweet and Like.— Tax Guru (@taxguru_in) September 18, 2018