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With everyday passing by, I see that banks are ...

With everyday passing by, I see that banks are reducing their interest rates on deposits with the...

With everyday passing by, I see that banks are reducing their interest rates on deposits with them. I think people should stop making fixed deposits. Instead, they should loan it to someone reliable at a better rate. What do you say, is it possible to do? 


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Kanishka Apr. 19, 2018

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)

With everyday passing by, I see that banks are reducing their interest rates on deposits with them. I think people should stop making fixed deposits. Instead, they should loan it to someone reliable at a better rate. What do you say, is it possible to do? 


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