Best option to get maximum interest monthly out of 10 Lakh rupees ?

POSTED BY Karthik Reddy Chintaparthi ON December 12, 2013 5:42 pm COMMENTS (7)

Hi, What is the best option to get maximum interest monthly out of 10 Lakh rupees ? Is it MIS ? If it is only MIS then is it good to go for postal MIS or any private bank MIS ? Please enlighten.

7 replies on this article “Best option to get maximum interest monthly out of 10 Lakh rupees ?”

  1. ashalanshu says:

    Dear Karthik, from ease of operation as well as rate of interest point and the limit to invest, banks scores over POMIS. All banks are more or less same. Opt the own where you have existing relationship.

    Thanks

    Ashal

  2. Karthik Reddy Chintaparthi says:

    Yeah I know that. I shall claim that as other income in my returns. You didn’t answer my main question ? Diff between private banks & postal MIS ? In your view what is the best bank to go for ?

    Thanks !

  3. ashalanshu says:

    Dear Karthik, what did you mean by, ” I don’t want TDS?”

    For your information, no TDS does not mean that amount is tax free. 🙂

    Thanks

    Ashal

  4. Karthik Reddy Chintaparthi says:

    Thanks for the reply. I don’t want any TDS. IS it better to go for postal ? Whats the diff of interest between postal & private banks ? Any pointers ?

  5. ashalanshu says:

    Dear Karthik, Banks’ MIS are better for your needs as you can do all the things online and ROI is also favorable. Please check the amount details with the banks you are banking with. What about Income Tax liability on mly income?

    Thanks

    Ashal

  6. ashalanshu says:

    Dear Karthik, do you really need money in terms of interest pay out or are you going to make MIS to RD thing to increase the over all return?

    Thanks

    Ashal

    1. Karthik Reddy Chintaparthi says:

      Dear Ashal,

      Initially for few months I need the monthly income for some expenses. Could you please guide which MIS is better ? And how much can I get for the said amount ?

      Thanks much !

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