A recent release by
the RBI (Reserve Bank of India) had placed bank deposits held by individuals at
a whopping Rs. 33 lakh crore as of March 2013. That is close to one half of the
total deposits lying with banks.
Of this, a good
36.5.% is held in savings bank account. 56.7.% in term deposits and rest in
current account.
Did you know your
post-tax returns in deposits themselves are unattractive for you?
And the ‘negative’
return could be worse if you considered taxes?
A quick calculation
will tell you a 9 % deposit would only fetch you about 6.3 % return if you were in the 30 %
tax bracket.
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