Monica Malik Instagram – If you want to avoid TDS on your fixed deposit when you invest, here’s a useful tip.
Banks deduct 10% TDS when your FD interest exceeds ₹40,000 in a year. You can get this TDS refunded when you file your ITR, which will reduce your overall tax burden. However, it’s more advantageous to prevent TDS from being deducted in the first place.
To do this, you need to split your FDs across different banks so that the interest in any one bank does not exceed ₹40,000, preventing them from deducting TDS.
But finding the right banks can be tough na?
Don’t worry! Download the Incred Money app. Here, you will find all best small finance banks and NBFCs with the best FDs. It’s also completely safe because your deposit up to ₹5 lakh is insured by DICGC. So, download the Incred Money App now; the link is in my bio!
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#fd #fixeddeposit #fds #fixeddeposits #savings #money #save #bank #banks #reelsvideo #prettymuchfinance | Posted on 05/Jun/2024 19:56:06
