If you are about to retire or have just retired, then you have reached the most peaceful stage of life. But, this also denotes the end of your regular income. So, you must think of a proper investment scheme that can substitute your income to help you financially after your retirement. You will find several options, and many will suggest you different options, but the best will be investing in fixed deposit, as it offers high-interest rates and reliable returns. You can even interest payment cycle as per your need. Higher interest rates- The rate of interest of senior citizen fixed deposits is higher than other normal FDs. In a bank, you will get a maximum interest rate of 7.25%, but in NBFCs you will get 8.75% interest rate to senior citizens. Safe and secured- FD interest rates are not affected by market fluctuations, so the investment is safe and fixed. Even you can get the maturity amount of FD investment, by using the FD Calculator.
Tax Benefits – A person pays income tax for an entire working life, but he/she should not pay for post-retirement income. Senior citizens can invest in tax saver FD for 5 years, then claim deduction up to Rs. 150000 under 80C of Income Tax Act, 1961. A normal FD interest is liable for Tax Deduction at Source (TDS). Unlike normal FD, the senior citizen FD returns are not liable for TDS if the interest income is lesser than 50000 p.a. u/s 80TTB of Income Tax Act, 1961.
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8/1/2022 06:01:57 pm
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About Author:Aman is working in the domain of Investment management in one of the top universities. He has published research papers and case studies in Investment and Fixed Deposit marketplace. He is an avid blogger in the domain of Investment management. you can also find him on social networking platforms. Archives
August 2022
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