Which scheme is best for investment in India Is there any limit on how much money can be deposited in a bank as a fixed deposit?
What is the limit of fixed deposit?
No. Banks are happy no matter how much you deposit. If the interest earned on the deposit exceeds a certain amount, you have to pay income tax on it.
That is, if the interest earned by senior citizens is more than Rs. 50,000 per year, 10 percent TDS will be deducted. If the interest earned by others is more than Rs. 40,000, 10 percent TDS will be deducted. Now most banks have started giving higher interest; take advantage of it.
How many types of funds can one hold in a mutual fund portfolio?
Keep one for each category. Put 60 – 65 percent of the total amount you intend to invest in ‘Largecap, Flexicap, Value Fund‘.
Put another 25 – 30 percent in ‘Midcap, Midcap plus Smallcap’ funds. Put 10 percent in a gold-based mutual fund scheme.
There are more than 1,400 fund schemes in our market. In each category, look at which fund has generated good returns in the last 10 years and choose.
Do not expect growth immediately after investing. Invest with a waiting mindset of five to seven years. Mutual fund investment is a direct example of the fact that patience is the best.
Which is the most risk-free investment
Even though I am a senior citizen, I cannot predict your ‘risk tolerance‘ level. What are your monthly expenses? Only if you know if you have any debt can you come to a conclusion.
Right now, most people are opting for bank deposits. Senior citizens get an additional 0.50 percent interest. Most often, they get 7 to 7.50 percent interest. If you are willing to take more risk than a bank fixed deposit, you can go for non-bank financial institutions. You can get interest up to 9 percent.
If you are more adventurous, you can go for mutual funds. You can get 10 to 12 percent returns. Invest in whatever is within your risk tolerance.
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