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Need advice on where to invest 8.75lakh for guaranteed high returns

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simplewarrior said:
Yes it is reported but it is also not taxable till 10000. I mentioned SA because it is risk free and the most liquid option.
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Both SA and FD are risk free (insurance upto 5lkh per bank) and both are immediately liqudable. This is the reason banks introduced auto sweep facility
 
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the_dark_knight said:
Upto 10k interest earned from saving account is exempted. Earlier banks didnt share that mandatorily to itr, but now it is compulsory for banks to report savings acc interest.
Earlier i used to mention it in my itr anyway but now it automatically shows in ais.

I am little skeptical about this fd interest income reported by banks. There is some flaw but i don't remember it now
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What flaw? All income is reported.
 
Lobogris said:
7 lakhs at 7% would be much more than 10k per year. 49k to be precise. So why not do a FD at 8.5% as it is going to be taxed in savings as well?
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As i said some bank can provide upto 6% interest rate. Plus you are letting go of interest on emi payments that will be paid from saving account balance. So the opportunity cost and the 10K benefit will result in lower rate than 8.5%. Anyway this will require excel calculation to find the exact rate.
 
simplewarrior said:
In my opinion currently P2P is the highest risk taking option in current digital investment options.
You does not know where your money is being deposited too.
RBI guidelines say P2P platform like lendbox etc, are required to give names,details of person to whom money is being lent to, but currently I see no such option provided by third party paltforms like cred, 12% club.
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Mobikwik Xtra gives name and amount details to whoever your money is lent. I myself have access to 10-20 pages of PDF which gives me details about who my money is lent to and what amount. This is from within the app. Now obviously I wont have access to their contact details.
I have 23 page of reports containing just the list of ppl to who my money is lent to 😀
 

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simplewarrior said:
As i said some bank can provide upto 6% interest rate. Plus you are letting go of interest on emi payments that will be paid from saving account balance. So the opportunity cost and the 10K benefit will result in lower rate than 8.5%. Anyway this will require excel calculation to find the exact rate.
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Calculate whatever way, saving int cannot match fd rate even with monthly/ qtly int payout.
Saving int of 6% or so is not from Rs.1, its generally after 5 lakhs. So avg is much lower. 10k tax benefit is just 3k only assuming op has 0 balance throughout the year in any other saving account.
 
kshitiz25 said:
Mobikwik Xtra gives name and amount details to whoever your money is lent. I myself have access to 10-20 pages of PDF which gives me details about who my money is lent to and what amount. This is from within the app. Now obviously I wont have access to their contact details.
I have 23 page of reports containing just the list of ppl to who my money is lent to 😀
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11. Transparency and Disclosure Requirements

(1) An NBFC-P2P shall be required to disclose the following:

(i) to the lender

  1. details about the borrower/s including personal identity, required amount, interest rate sought and credit score as arrived by the NBFC-P2P.
  2. details about all the terms and conditions of the loan, including likely return, fees and taxes;
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I did not know there was such option provided by mobikwik, still lacks in transparency as per RBI guidelines.
 
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For a risk-free investment, go for T-bills that will return back the money in a fixed time with interest. T-bills are available with all brokers and is sold every Monday and Tuesday.

I am recommending this approach as the money is a loan. So, technically you have to repay it back with interest.
My personal recommendation is not to go with P2P as it is not well regulated and your money is in turn being lent to someone, with a hope of them repaying it back. So there is a huge risk involved.
 
vaibhav111 said:
If your interest income from all FDs with a bank is less than Rs 40,000 in a year, the bank cannot deduct any TDS - was just referring to TDS calculation for non - senior citizen.
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but still as per law, we are liable to report this income and pay tax on it? whether or not the bank deducted tds.
I guess opening two fds in my parents name in two small finance banks at around 9% interested rate is good, no hassle of income tax
 
akshayhs said:
For a risk-free investment, go for T-bills that will return back the money in a fixed time with interest. T-bills are available with all brokers and is sold every Monday and Tuesday.

I am recommending this approach as the money is a loan. So, technically you have to repay it back with interest.
My personal recommendation is not to go with P2P as it is not well regulated and your money is in turn being lent to someone, with a hope of them repaying it back. So there is a huge risk involved.
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In a tbill he is losing money

His cost of breakeven is 11%
 
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