For a salaried individual, is IDBI "Suvidha tax saving deposit" a good bet? They are offering 8.75% interest, 9% for Senior Citizens. Lonk-in period is 5 years.
I do not have a good idea about the credibility of IDBI bank. Will my money remain safe and secured and will I get the sum assured irrespective of the market situations 5 years later on? The IDBI people assures me. But I seek honest opinions from you.
2006-09-06 05:15:40 · 3 answers · asked by indra707 1 in Business & Finance ➔ Taxes ➔ India
This Tax saving scheme was included in the recent budjet by FM.
Interest rates are always volatile. For a salaried individual, this scheme is ok. You have benefit of getting tax exemption from section 80 c (Max limit Rs.1,00,000) and you also get interest of 8.75%. IDBI is one of the premier lending institutions started and
backed by GOI. Your money will certainly be safe and they will certainly honour their commitment. In my view, it is safe and secure and you will get the sum assured definitely.
2006-09-06 05:29:47 · answer #1 · answered by Anonymous · 0⤊ 0⤋
IDBI has a very good track record as far as my experience goes with them. The deposit will be as safe as say in State bank of India.
There is also a scheme where they are giving 8.5% or more for a 500 day deposit. this may be more attractive due to the shorter lock in period
2006-09-11 20:40:52 · answer #2 · answered by ANIL S 1 · 0⤊ 0⤋
IDBI though private bank is good bank with nice credibility.
The returns are at guaranteed rates.
Rates of interest are quite attractive.
Deposits with scheduled banks are usually insured up-to Rs.1 lac.
I suggest you to invest in current and succeeding years aggregating not more than Rs.1 lac.
BEST OF LUCK
2006-09-10 07:04:51 · answer #3 · answered by PK LAMBA 6 · 0⤊ 0⤋