POSTED BY September 21, 2014 10:37 pm COMMENTS (2)
ONHI All, I have a confusion about the fixed deposit calculations. Could anyone please clarify the same for me. Lets assume I have 20 Lakhs cash with me at the moment.So I am going for a FD for 10 years here is how the maturity amount would look like as per some online website with FD calculators show me
Principal Invested in FD – 2000000 After Maturity 10 years(Max FD period) @ 9.0 intrest rate
Total Maturity Amount – 4870378
Total Intrest Payable is – 2870378
Note: I wanted to know if this calculations are right and if yes then is there any TAX amount that i would have to pay for the FD\’s or after the maturity is done. Awaiting a reply. Thanks.
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However, is the tax payable each year on the interest for that year or at the end of maturity period on actual withdrawal?
Yes, interest on FD is taxable. You have to pay tax on the interest income @the rate in which your tax slab is there….