Income Tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 March 2011
what is better: I break my Fixed Deposit before maturity and pay 1% penalty on it or Taken loan against Fixed Deposit and pay interest 1% + Interest rate on FD.
03 March 2011
2nd option is much better.
See in 2nd case you need cash for emergency and u can repay the loan when u have the money then the interest will be charged only for the period of loan and you can avoid 1% penalty on F.D. & also breaking the F.D.
One more thing is such situations will arise again and again then tell me how many times you will form and break the F.D. and give 1% as penalty. So better to take loan against FD
See in 2nd case you need cash for emergency and u can repay the loan when u have the money then the interest will be charged only for the period of loan and you can avoid 1% penalty on F.D. & also breaking the F.D.
One more thing is such situations will arise again and again then tell me how many times you will form and break the F.D. and give 1% as penalty. So better to take loan against FD
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