- Wealth PMS
The stats that Bond Baba is looking at today: Rs. 90,00,000 crores (90 trillion) are in fixed deposits at banks. Of this, individuals own about Rs. 25,00,000 crores (25 trillion)! Why would you do this? Fixed deposits take away 10% tax at source for most people, and then you have to pay even more tax on the rest if your income is in a higher tax slab. Interest income is this horribly taxed thing - you get taxed on the money EVEN IF YOU DON'T USE IT. This is important. Now you're either a person . . .