I’m working in software company and my Indian gross salary is Rs 4.5L per annum.
I’ve recently returned from overseas and I’m planning to invest Rs 10L (earned from overseas) in fixed deposit.
I came to know, to avoid Tax on interest we should make sure the interest earned in each bank should not exceed Rs 10,000.
So i have identified 10 public sector banks and decided to invest 1L in each bank starting from next year. In that way easier for me to re-invest next year. Also I’ll get deposit insurance.
Say in January 2016, 1L in SBI
in February 2016, 1L in Andhra Bank
in March 2016, 1L in Canara Bank
in October 2016, 1L in Corporation bank
Please advise the good’s and bad’s in the above way of investing.