Spate of good news today from banks.
Axis Bank launches special 75 weeks FD for 75th Independence Day at 6.05% interest p.a. If you are lucky to be above 60, you can get upto 6.80%.
IDBI launches Amrit Mahotsav FD for 500 days at 6.70% interest rate.
What is the "official" inflation rate ? 7.01% for June 22 and 6.71% for July 22. Actual inflation rate …. ???
Even at 20% tax rate, post tax return on these deposits will be BELOW official inflation rate by a good ~1.5% or higher !!
When you keep money in bank FD, you enrich the bank's owners and employees.
When you invest in quality Indian equity, you enrich yourself and your family.
By Venkatraman 6 Sigma Wealth advisors:
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