Fix deposit account in India?
Kisan Vikas Patra •Minimum Investment Rs. 500/- No maximum limit. •Rate of interest 8.40% compounded annually. •Money doubles in 8 years and 7 months. •Two adults, Individuals and minor through guardian can purchase. •Companies, Trusts, Societies and any other Institution not eligible to purchase. •Non-Resident Indian/HUF are not eligible to purchase. •Facility of encashment from 2 ½ years. •Maturity proceeds not drawn are eligible to Post office Savings account interest for a maximum period of two years. •Facility of reinvestment on maturity. •Patras can be pledged as security against a loan to Banks/Govt. Institutions. •Patras are encashable at any Post office before maturity by way of transfer to desired Post office. •Patras are transferable to any Post office in India. •Patras are transferable from one person to another person before maturity •Duplicate can be issued for lost, stolen, destroyed, mutilated and defaced patras. •Nomination facility available. •Facility of purchase/payment of Kisan vikas Patras to the holder of Power of attorney. •Rebate under section 80 C not admissible. •Interest income taxable but no TDS •Deposits are exempt from Wealth tax. P.O. Fixed Deposit: Rs 100/- will become Rs 141.47 after 5 years @ 7.5% If the maturity amount is reinvested in PO FD it will become Rs 200.14 after total 10 years.
Does Fixed deposits in different bank helps in saving income tax?
No, it doesn't help you in saving income tax. But it will help you from TDS, which is deducted when your interest income is more than Rs 10,000/-.So if you have fixed deposits in different banks then you don't have to file your TDS return as if, if your interest is not going above Rs 10,000/-.But the point is, will it help to save Income Tax, so it doesn't help as if you have to disclose it in your annual income tax return.Benefit if you have FD in different banks is you don't have to file TDS return.Hope it helps. Thanks for A2A.If you have any other questions related to Income Tax then you can ask me. In case you don't know me, my name is Harsh Hemnani.
Is fixed deposit interest halal in islam?
I want to know if interest recieved from fixed deposit account is halal or haram in islamic perspective or view, suporting verse from Quran and Hadith will help the issue