Hello all,
I have been saving for my Proof of Funds in SBI savings account. I want to put the funds in Tax Saving Fixed Deposit scheme by SBI or any other banks. But I have heard that these kinds of fixed deposits have a minimum lock in period of 5 years. Is that true? And if so how do I save for Proof of funds and show tax savings at the same time?
As per my understanding PPF doesn't work for this purpose because one cannot withdraw all the amount from PPF, so it is not liquidable for Proof of Funds purposes.
Thanks for all the replies
I have been saving for my Proof of Funds in SBI savings account. I want to put the funds in Tax Saving Fixed Deposit scheme by SBI or any other banks. But I have heard that these kinds of fixed deposits have a minimum lock in period of 5 years. Is that true? And if so how do I save for Proof of funds and show tax savings at the same time?
As per my understanding PPF doesn't work for this purpose because one cannot withdraw all the amount from PPF, so it is not liquidable for Proof of Funds purposes.
Thanks for all the replies