Myth 1: Only Banks offer Fixed Deposit Schemes Truth:
- NBFCs offer Fixed Deposits too. - Corporate Fixed Deposits have higher rates of interest. - Banks have better credit ratings compared to corporations.
Myth 2: In Need of Money, Fixed Deposit Schemes can be Pre-Matured Truth:
- Can take a loan of upto 90% of your Fixed Deposit amount. - Can opt for a Fixed Deposit Sweep-in Account.
Myth 3: Higher Frequency of Interest Payment Increases Interest earned on Fixed Deposit Truth:
- Interest rate is calculated annually and paid out based on the selected frequency of receiving the interest amount. - Interest amount remains the same irrespective of the frequency of interest payments
- Having Fixed Deposits alone may limit the investment returns. - Portfolio should always be diversified into other investments too.
Myth 5: Fixed Deposits Interest Earnings Needn't be Declared for Income Tax Returns Truth:
- Income from Fixed Deposits needs to be declared under 'income from other sources'. - Declare your Fixed Deposit interest earnings to avoid any discrepancies later on.
Myth 6: Every Fixed Deposit Scheme with a 5-years Tenure Qualifies for Income Tax Benefits Truth:
- If taken from a bank, Fixed Deposits with 5-years tenure qualify for Income Tax benefits. - The Fixed Deposit certificate must mention that it's for tax-saving purposes
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