Hi friends
My dad is retired govt servant age 63 years
getting rs. 18060 pension per month
having rs 500000 fixed deposit @ rate of 10%
my mom having rs 600000 FD @ rate of 9.25%
my mom doesnot fill incometax return
now my dad wants to invest additional rs 400000 in FD ( safe side)
now please guide what is more beneficial if my mom goes for FD rate is 9.25%
if my dad goes rate is 9.75% ( senior citizen)
income tax benefit for my dad is Rs. 250000 ( senior citizen)
my dad doesnot withdraw his pension
is it advisable to open RD account as he has rs 18060 fixed income
what he is doing is he waits for 1 year and then goes for FD
but i guess RD will gonna give more return but he says what abt incometax
so please guide what is best for him
thanks