Hi,
My mom has an amount of 38000 in savings account ( just senior citizen). Now also she has an sip of 5200 every month being debited for a plot. The total amount of 38000 will take care of 7 sips. Can i plan to an amount of 5200 in short term FDs from HDFC Bank in such a way that the maturity takes place just before the due date of sip and hence gain some interest. ?
1. 1st sip – 5th aug – 5200, bal 32800,
2. FD created today of 5200 to mature on 4th Sep, 5th sep -2nd sip deducted, bal 27600 + int.
3. FD created today of 5200 to mature before 4th oct, 5th oct – 2nd sip deducted, bal 22400 +int from fds
an so on……
Also is this feasible from tax point of view and is it worth doing ?
Regards,
Hitesh