POSTED BY June 3, 2013 10:20 pm COMMENTS (2)ON
I am Ela Selvaraj, an NRI from Germany. I recently opted for home loan transfer from Axis to SBI Maxgain for 61.5 Lakhs and EMI would be 66,500 rs. I decide to save some money for myself so thought of opening the recurring deposit for 30,000 rs for next 10 years. But I do also get my SBI Maxgain loan in few days. I calculated the maturity amount in SBI which will fetch me around 57.5 lakhs at the end of 10 years (36 Lakhs principal amount and 21.5 Lakhs interest), as an NRI do I need to pay tax on the interest amount I earned via RD?
Also, advice me is it a wise idea to put my money in Maxgain and not in RD? As bcoz, the interest rate for Maxgain is 10.10% and for RD is 8.75%. I would really appreciate if you could give me your suggestion in saving some money for future.