Readers,
There was an error on the post provided by us on "Post office term deposit" article of yesterday.
Corrected portion about "Tax":
For Post office term deposit, TDS would not be deducted. However, a investor need to show in his tax returns about "Interest" as other income. Hence finally investor need to pay income tax. Though we have indicated in our article as "TDS not deducted by Post office", we also specified that it is "Tax free" which is not correct. We have corrected now in the article.
Sorry for the inconvenience caused.
Suresh
Founder at Myinvestmentideas.com
Suresh KP is a seasoned financial expert with over 20 years of experience. He is NISM Certified Investment Adviser and Research Analyst. For more about his expertise and certifications, visit About Suresh KP
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Hi Suresh,
I like your posts and it has helped me also in saving my money.Keep it up .
I have a query and i will be very thankful to you if you guide me .
I have 9 lakhs and i want to fixed it for 6 months as i will require it urgently for marriage .So where i should fix my money,their are two option with me in Post office or in public bank .and whether their will be any TDS or tax deducted on interest in POST OFFICE .
Plz do guide me and suggest me what to do, will be waiting for your reply .
Sneha, There is no TDS in Post Office FD. However you need to deposit for min of 1 year. You should declare the interest in your IT return and it is taxable. Alternatively invest in bank FD or short term debt mutual funds.