Every body knows about recurring deposits but some banks are offering Flexi RD accounts for persons having irregular income or saving capacities. In such accounts one can select CORE AMOUNT and monthly installment can be increased up to 10 times i.e. if one selects INR 5000 as Core Amount ,he can deposit 2nd installment for Rs.10000, 15000, .....up to 50,000 and subsequent installments are to be minimum 5000 and maximum 50000.In such a way one can avoid making fixed deposits. Suppose one opens account for 12 months and 11th installment is deposited @50000-00 one will earn FD interest rate of One Year when money will remain with the Bank just for one month for 11th, 2 months for 10th and so on...It is highly profitable. Do you know:
- that RD interest rates are = FD interest rates.
- Interest income on RD is not subject to TDS.(Made subject to TDS w.e.f. Financial Year 2015-2016)
- Hassle free Loan can be taken against accumulated Flexi RD balance as in case of FD.
- For more details on Flexi RD visit https://www.pnbindia.in/En/ui/sweksha-jama-yojna.aspx
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