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TDS rate if it would applicable on a Fixed Deposit of Rs. 3K for 5 yrs(tax benefit). I have Salary as source of income.

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I would happy to know more information on Fixed Deposit in the SBI.  From the site,http://www.statebankofindia.com/user.htm I got the information that the rate of interest is 9.25% for fixed deposit for 5 years.  Please let me know the current rate of interest for the same if updated. I am looking for a fixed deposit in which it also have tax benefit under section 80C. I am planning to do a Fixed Deposit of Rs. 30000.

Please kindly let me know the current TDS rate if it would applicable on a Fixed Deposit of Rs. 30000 for 5 years (tax benefit). I have Salary as source of income.
asked Oct 23, 2011 in Banks & Fixed Deposit by anonymous  



2 Answers

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Dear sir, y are you investing your valuable money in the fixed deposit of banks,as they are not tax free,and you want a tax free investment.

Please sir its my humble request to you,give a chance to serve you. As being an insurance advisor of LIC i will suggest you that LIC has also come with some fd plan with free insurance.. Y dont you try them, bank will give you return by deducting tax upto 20 percent as it is a income from other source,and if you invest in LIC you will get tax free return with free insurance coverage which bank will never provide you.

answered Feb 6, 2012 by Licbmjha (690 points)  
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One can fully trust the contents of Govt. websites. So, I suggest you to contact SBI customer care or visit any of their branch to get exact details. Secondly, If you're planning for FD, go it now as RBI may decrease interest rates from now-onwards.

The TDS rate is 10% if you submit your PAN card copy otherwise its 20%.

Also, as clarification to the answer given by user above: there is NO free insurance anywhere whether it is LIC or private player. Both deducts mortality charges and other expenses from the premium before investing your money. Don't mix your investment with insurance.

Will write to that user separately to provide right content in future.

Hope it will help you.
answered Feb 8, 2012 by admin (48,820 points)   6 7 13

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