Is there any TAX charge on the deposit of 5 lakhs rupees in my SBI account?

There is no limit on the amount you can invest in a fixed deposit. However the income that you will earn from the FD will be treated as your income and you will be taxed on the same. Mutual fund FMPs are better alternative to bank fixed deposits.

They work exactly like a FD, are just as safe, but offer the tax benefit through indexation and better yield than a FD. To know more about it you can send a query to a personal finance expert - http://www.moneycontrol.com/master_your_... Umesh Rathi on Master Your Money will be able to answer ure query.

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