Question: How Much Interest Will I Get For 50 Lakhs?

How can I save 1 lakh in a year?

Reaching your Savings Goals Once you decide on a savings goal for your rainy day fund, plan to save an equal amount of money every month.

For example, if you plan to save Rs.

1 lakh by the end of the year, all you need to do is save Rs.

8000 per month to reach your goal..

How can I become Crorepati in 5 years?

wise tips while you are planning to save income tax.Invest in PPF. … Invest in ELSS Tax Saving Mutual funds. … Invest in NPS which can give additional Rs 50K income tax benefit. … Add your contribution to Voluntary Provident Fund which gives you tax benefit + PF interest of approx 8.5%.More items…

How can I get monthly interest?

To calculate a monthly interest rate, divide the annual rate by 12 to reflect the 12 months in the year.

Can I deposit 20 lakhs in bank?

10,000 for a single purpose not permissible under income tax act. your father must have to give explanation to the income tax department for depositing Rs. 20,00,000 to a savings bank account within a short period when asked for. Tax will be deposited by your father within 15th March, 2020 (if payable).

Can I deposit 50 lakhs in my account?

If you cash deposit or cash withdraw more than Rs. 50 lakhs to / from your current bank account – Bank will report to Income Tax authority. If you cash deposit more than Rs. 10 lakhs from your savings bank account – Bank will report to Income Tax authority.

What can I do with 1 lakh?

20+ Small Business Ideas to start in India with Rs 1 Lakh Opening up a café If you are a tea / coffee lover or excel in making them, give wings to your dreams by opening up your café. … Tailoring business. … A food van. … Laundry services. … Distribution of newspaper and magazines. … Food catering. … Tiffin services. … Florist.More items…•

What can I do with 2 lakhs?

5 Best Investment Plans in India 2020 Between Rs 1 – 2 LakhsPublic Provident Fund. The Public Provident Fund or PPF is a kind of investment tool which helps individuals to save their hard-earned money for over 15 years. … National Savings Certificates (VIII Issue) Account. … Fixed Deposits in Banks. … Mutual Funds. … National Savings Time Deposit Account.

How can I earn lakhs in a month?

Here are some quick tips for youYou can earn money online if you have a passion to learn something new like (Content Writing, Blogging, Designing, and Video Graphic, etc..You can also earn money by writing profitable blogs but it will take you easily 6-8 months to start earning from your blogs.

Do banks give monthly interest?

Monthly income FD scheme offers flexibility as the banks provide the option of monthly, quarterly or half-yearly income plans. The interest earned on the monthly income fixed deposit is high. The premature withdrawal facility is available. Some banks do not even deduct the TDS on FD interest earned.

Which is the best monthly income plan?

6 Best Monthly Income Schemes In IndiaFixed Deposit. Undoubtedly one of the best and most low-risk income schemes is a bank Fixed Deposit (FD). … Post Office Monthly Income Scheme (POMIS) … Long-term Government Bond. … Corporate Deposits. … SWP from Mutual Funds. … Senior Citizen Saving Scheme.

How much interest will I get if I deposit 1 lakh?

The interest rate on savings bank deposits effective September 1, 2019, with balances up to Rs 1 lakh is 3.5 per cent. Going forward, from November 1, 2019, the interest rate on savings bank deposits with balances up to Rs 1 lakh will be 3.25 per cent.

How much interest will I get for 30 lakhs?

You should split the Rs 30 lakh between a mix of government-backed schemes, mutual funds and corporate fixed deposits. Park Rs 4.5 lakh in a Post Office Monthly Income Scheme. This will earn you a 7.6 percent interest per annum, payable monthly.

Can I double my money in 5 years?

Similarly, if you want to double your money in five years, your investments will need to grow at around 14.4% per year (72/5). If your goal is to double your invested sum in 10 years, you should invest in a manner to earn around 7% every year. Rule of 72 provides an approximate idea and assumes one time investment.

Can I deposit 2 lakhs in my account?

Here customer should note that, deposits of up to Rs 2 lakh is free per account per month in home branches. However, cash deposit up to Rs 25,000 per day can be deposited in non-home branch, but beyond this limit there is Rs 5 per thousand charged subject to minimum Rs 150.

Is LIC better than FD?

Fixed deposits are best for both short and medium term investments whereas life insurance plans are designed for long term investments. You can invest for a period of as low as 7 days in fixed deposits unlike a life insurance plan wherein you need to invest for at least 10 years. You can invest a minimum amount of Rs.

Is FD interest paid monthly?

✔️Can we get monthly interest on Fixed Deposit? Yes. You can get a monthly interest payout, if you choose periodic payouts, and select monthly frequency. When you invest your money in FDs, you gain interest on your principal amount, which can be obtained periodically.

What is the EMI for 30 lakhs loan?

EMI for ₹ 16 Lakh home loan is ₹ 14,159 taken for a shorter period of 15 years. Current EMI for ₹ 25 Lakh loan is ₹ 16,215 and EMI for ₹ 30 Lakh loan is ₹ 19,458 for a 30 year loan at the minimum interest rate.

Is 1 lakh a good salary?

First up, 1 Lakh per month is simply not enough to live a luxurious lifestyle. Satisfaction is a whole another ballgame. Simply put, no one is ever completely satisfied with their salary. … To attain a general level of satisfaction, 1 Lakh per month is not that different from 30k per month.

Can I deposit 5 lakhs in my account?

Individuals who deposit cash above Rs. 2.5 lakh and senior citizens who deposit cash above Rs. 5 lakh may be scrutinised. Any amount within the specified limit will be excluded from scrutiny considering that the money is from household savings, cash withdrawals, earlier income, and so on.

How can I earn 50 lakhs in 5 years?

How Can You make Rs. 50 lakh in 5 years?1.HDFC Small Cap Fund.2.L&T Emerging Businesses Fund.Parag Parikh Long Term Equity Fund.Mirae Asset India Equity Fund.The Moderate Investor.1.Invesco India Contra Fund.Axis Focused 25 Fund.3.Principal Focused Multicap Growth Fund.More items…•

Can I deposit 30 lakhs in my account?

Yes. The Income tax Department receives information through its AIR network , ie Annual Information Return. Hence , when Rs 30 Lakhs will be deposited…