Yes, it is possible and permissible by law. However, you should keep two things in mind. 1. Deposits with the bank are safe and highly liquid. And 2. On first Rs10000 of interest on saving bank account no income tax is charged (u/s 80TTA)
Please mark your satisfactory level...
My Dear ,
I thank you for marking the answer as satisfactory.
I have noted.
It will be very nice and helpful to our other members (and the answerer too) if you mark your satisfaction level on the grade scale below.
Please feel free to mark any point. I don't share it with anyone. I use it for doing my internal calculations only. I use these calculations to evaluate the service performance of the relevant virtuoso.
Here is the grade scale:
Thank you,
Yours sincerely,
Anu, Thakurani's bestie