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IPO Allotments :)

I am thinking of taking a loan against FD to apply for the INDOFARM ipo in bHNI (bids above Rs 10L) category. Is this a good idea?
 
Try for overdraft. OD against FD or Gold can be a good option for short term use of funds with minimal charges.
I am not sure whether it’s Loan or OD against FD. It is IndusInd so I am going to have to go the Branch today. I’ll talk to them and figure out the best option.
 
You can take either. If your requirement is one time go for loan against FD. If you intend to use it multiple times over a period of time go for OD against FD.
I still don’t really understand what was communicated to me by my RM. He said 2%+FD Annual interest rate. So if I borrow 850000INR on an FD that gives me 8% interest rate per annum, how much interest do I have to pay per day?
 
I still don’t really understand what was communicated to me by my RM. He said 2%+FD Annual interest rate. So if I borrow 850000INR on an FD that gives me 8% interest rate per annum, how much interest do I have to pay per day?
10% interest rate. For 8% interest you are getting in FD , will be taxed to your applicable tax slabs?
 
@sjmajumder can you please help me out with this?

You will be paying 10% per annum. You can withdraw any amount up to the limit allocated for any number of days. Interest will be charged only for the amount withdrawn and for the number of days you have withdrawn the money for. Once you return the money the interest will stop. You can also return in parts.
 
You will be paying 10% per annum. You can withdraw any amount up to the limit allocated for any number of days. Interest will be charged only for the amount withdrawn and for the number of days you have withdrawn the money for. Once you return the money the interest will stop. You can also return in parts.
So it’s 10% interest on my overdraft annually right? So only around 250INR per day interest? Is this calculation right for 850000?
 
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