NEWS & ADVICE : FIXED DEPOSITS
Tax relief may follow for fixed deposit investors in this budget
By Neelima Shankar
Feb 6, 2012
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The budget-2012 may bring good news for the people who prefer to invest under fixed deposit schemes. The government is considering making investment under fixed deposit scheme a lucrative option.

At present, interest earned with fixed deposits comes under taxable income. The banks want to lower the duration of lock-in period for fixed deposits upto Rs. 1 lac, which falls under tax deductions from 5 years to 3 years.

The Deputy Chief Executive Officer of Indian Banks' Association, K. Unnikrishnan said, "This will bring it on par with a similar deduction available for equitylinked savings products where lock-in is only three years."


 


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