Many people think a lot about the interest rates, duration, and returns of FD, after which they get a fixed return. But some people earn double the profit by opening the same FD in the name of the wife.

These days it is considered to be the best option for investing in FD. It gives many benefits to the husband and wife. Not only this, opening a joint FD account with the wife also gives many benefits. Let us know what benefits you can get by doing this.

FD interest is not TDS free-

TDS (TDS on FD) starts being levied on the interest received on FD after a limit. TDS is not levied before this limit. You can get free from TDS by opening FD in the name of your wife. In such a situation, you can get more benefits from the income from FD.

If the FD is not in the name of the wife, then the interest received from the FD (High interest rates on FD) will be added to your total income after a limit and you will have to pay more tax (tax benefits on FD). Therefore, there are many benefits of getting FD in the name of the wife.

How much tax is deducted on how much interest dividend-

One gets the benefit of interest on FD (FD par byaj), but if it crosses a limit, then TDS is levied. If the interest received from an FD exceeds Rs 40,000 during a financial year (FY), then 10 percent TDS will have to be paid on it.

If the wife's income is low, then you can get an exemption from TDS (TDS rules for FD) by filling out Form 15G. If the husband makes a joint FD with the wife and makes the wife the first holder, then double savings of money can be made. Firstly, there will be an exemption from TDS and secondly, more tax (how to save tax on FD) will not have to be paid.

Housewife does not have to pay tax -

Now most people think about how will it be beneficial to get FD done in the name of the wife (how to save TDS on FD). Let us tell you that usually women are housewives and housewives do not have to pay tax (tax rules on FD). According to this rule, no tax or TDS will have to be paid on getting FD done in the name of the wife. In this way you can also save more money.

Disclaimer: This content has been sourced and edited from Hr Breaking. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.