One of the bad thing about Fixed deposits are TDS, i.e., tax deducted at source. If you don't pay attention to TDS or doesn't do enough to prevent or avoid TDS, you could lose the right amount of your interest income to banks. I have many friends who never care about TDS, they think that their bank fixed deposits are getting excellent interest at least 8.5% per annum, only to find out that interest earned is also taxed at the rate of 20% as TDS due to not furnishing PAN details.
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Recently one of my readers asked me that he wants to invest some money on NRE fixed deposits but confused on whether to go for foreign banks like Citibank, DBS, Standard Chartered, Deutsche Bank or Indian banks like ICICI, Kotak, HDFC, SBI, Axis Bank or Union Bank? I asked him, whether he has any existing NRE saving account , he says he doesn't have any existing NRE saving account? Then I ask him what is more important for you? the interest rate or convenience? and his answer was the interest rate. Read more »
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