If you are planning to pre-close or renew your old Fixed Deposit, then you need the interest rate applicable for the reduced duration to be able to accurately calculate the penalty amount and the benefit you will be getting in case of renewal.
If you are planning on investing ₹1.5 Lakh for Tax Savings under Section 80 of the Income Tax Act and thinking whether you should invest your money in NSC (National Savings Certificate, part of Post Office Small Savings Scheme) or in Tax Saver Fixed Deposit Scheme with Banks, then this blog may give you some insights.
How to avoid penalty on premature withdrawal or closure of Fixed Deposits which are non-cumulative with interest payouts on monthly and quarterly basis.
This FD Premature Withdrawal Penalty and Renewal Calculator will help you in calculating the penalty imposed by banks during premature withdrawal or pre-closure of your Fixed Deposits which give you regular payouts either monthly or quarterly. This calculator will further recommend the overall profit or loss when you are trying to switch from your old … Read more