Invesment
This query is : Resolved
21 October 2013
On Fixed Deposit interst is calculated is it compound interst or simple interst?
Should i invest for 5 year or 10 year?
Bank are giving 8.75% interst for 5 year and 8.25% for 10 year.
21 October 2013
FD interest rate is calculated as annual compound interest in case of reputed bank like HDFC or SBI.
However, you can invest in NSC..
Under NSC
No maximum limit for investment.
No Tax deduction at source.
Certificates can be kept as collateral security to get loan from banks.
Investment up to INR 1,00,000/- per annum qualifies for IT Rebate under section 80C of Income Tax Act.
Trust and HUF cannot invest.
Rate of interest 8.50%.
Maturity value of a certificate of INR.100/- purchased on or after 1.4.2012 shall be INR. 151.62 after 5 year
However, you can invest in NSC..
Under NSC
No maximum limit for investment.
No Tax deduction at source.
Certificates can be kept as collateral security to get loan from banks.
Investment up to INR 1,00,000/- per annum qualifies for IT Rebate under section 80C of Income Tax Act.
Trust and HUF cannot invest.
Rate of interest 8.50%.
Maturity value of a certificate of INR.100/- purchased on or after 1.4.2012 shall be INR. 151.62 after 5 year
21 October 2013
Agreed with aryan... he has given complete solution for ur query.
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