Where to invest Rs.7 lakhs for 12 to 15 months.

POSTED BY Vijay Sethi ON April 6, 2013 10:41 am COMMENTS (7)

Dear Readers,

 I have just redeemed a ULIP ( Birla Sun life Rs. 1500000 with a life cover of 7500000 in 2008) for Rs.733000. Big loss!

I wish to invest this asap as I am leaving for USA and will be back next year.The money is in my NRO account.

I am USA citizen with a PIO card.

Kindly advise.Thanks in advance.

 

7 replies on this article “Where to invest Rs.7 lakhs for 12 to 15 months.”

  1. Dear Vijay, you are always welcome. Please keep visiting forum.

    Thanks

    Ashal

  2. vijay says:

    Dear Ashal,
    I am likely to go in for Debt funds.
    Thanks!

    Vijay

  3. Dear Vijay, Debt funds are an Ideal vehicle to you.

    Thanks

    Ashal

  4. vijay says:

    Hi Ashal,
    Thanks a lot for the input.
    I am retired and get a pension of around Rs.425000 per year. My main concern in not avoidance of tax but need for liquidity in case I need to use the funds.

    Thanks for your advise in advance.

  5. Dear Vijay, the tax saving bonds as suggested to you by dear CRY are useless for the fact that you are asking for 12-15 months period whereas these bonds are very long term. Please opt either NRO FDs or short term Debt funds. Both ‘ll invite TDS but you may claim your refund if other Indian income is near zero or combined income remains in zero tax slab.

    Thanks

    Ashal

  6. vijay says:

    Thanks CRY for your input.
    Probably wait for some more suggestions before I execute.

  7. CRY says:

    I suggest you park your money in a tax free bond from GOI or a Private sector undertaking which allows NRIs before you figure out what to do with it. Since you already have it in your NRO your tax consequences will be huge otherwise.

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