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For regular monthly income MIS or long term FD which is better?
I want to invest some money(7lakhs) so that i can get a regular income out of is it better for me to choose post office MIS(which gives 8% interest for a period of 6years) or any long term FD(south indian bank gives 8%interest of 5years FD but i dont know whether i can get that interest amount monthly or quaterly or wil it be given only at the end of five years plz clarify me)...or is there any other plans which can give me more interest than these schemes and gives me some tips to save the interest from TDS??
In Fixed Deposits  -  Asked by Shaju -  6 years ago

Best Answer:
If you invest in South Indian bank fixed deposit then you can avail monthly interest at discounted rate or you can withdraw interest periodically or transferred to other accounts as per instructions.
In post office monthly income scheme your monthly interest will be credited automatically to saving account if accounts are at the same post office. Interest income is taxable, but no TDS Rebate under section 80 C not admissible.
But in fixed deposit you get tax benefit if your interest is less than Rs 10000/-. You can fill form 15G to save TDS.
6 years ago - By Avi

Other Answers (1)
Answer 1.
Both the schemes are equally good in fixed deposit the interest keep changing when bank increases or reduces the interest rate. But you cannot withdraw in between the tenure otherwise bank charge penalty. In post office MIS there is a facility of premature closure of account after one year @ 3.50% discount, if account is closed on completion of three years no deduction of 3.5%.
6 years ago - By Arun
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