Steps to Build a Complete Financial Portfolio

Steps to Build a Complete Financial Portfolio

Looking to become a successful investor? If yes, then you need to make efforts to maintain a good portfolio. As an investor, you need to understand your financial goals, your future requirements and risk-taking ability in order to determine your asset allocation. Building a good portfolio with the right mix of different asset classes will help you in generating wealth and living a peaceful life after retirement. This article will assist you in building a complete financial portfolio.

Let us learn about the steps for building a financial portfolio.

Steps For Building Financial Portfolio

  • Make A List

Before you begin making a financial investment portfolio, you must prepare a list of everything you own. The list must include all your assets like stocks, immovable property, cash and bank balance, bonds, etc. Also, prepare a list of liabilities. This balance sheet is going to play a critical role in shaping your financial portfolio. This list will act as a benchmark for your financial portfolio management.

  • Know Your Appropriate Asset Allocation

After knowing all your assets and liabilities, determine your financial goals and shape your financial portfolio. You must consider your age during financial portfolio management because only then you would know what would be your upcoming needs and how much capital you can invest.

Another factor that you must consider before determining your asset allocation is the amount of risk you can take. If you are clear with your future financial requirements you would be able to easily figure out your risk tolerance. It is a well-known fact that higher returns can be made only by taking higher risks. In such a scenario, the general rule is that if you are young, you can take bit of a risk. But if you are nearing your retirement, it is recommended to build a safe and secure financial portfolio.

To put it another way, there are two types of investors; conservative and aggressive investors. Conservative investors are those who would make a less risky portfolio by investing a major portion of capital in fixed income securities and small portion towards equities. Aggressive investors are just opposite of conservative investors. They are willing to take more risk in anticipation of good returns by investing a significant portion of capital in equities and remaining in fixed income securities.

  • Build the Portfolio

After determining the right asset allocation, build the financial portfolio. Here you can break different asset classes into subclasses. Like, if you are investing in equities, you can divide your investment in the equities into various sectors like pharma, banking, etc. The duration of the investment in bonds can be divided into short term and long term. Thus there are many ways through which you can select the asset and securities. While investing in each asset class consider the below-mentioned points:

1. Stock Picking: If you are investing in stocks, determine the level of risk you are willing to take. In addition, know the sector well before investing. Understand the market cap of a company, the future of a particular sector, the opportunities and risks in the future. You must make sure to regularly monitor the investment in equities by following the stock price, company and industry news.

2. Bond Picking: Before investing in bonds, consider the time period, maturity, credit rating, bond type and interest rate. Invest only after understanding the above factors in detail.

3. Mutual Funds: Mutual funds allow you to hold stocks and bonds that are managed by professional fund managers. Before investing in mutual funds, find the track record of the fund managers and fee charged by them. Low-cost index funds are another good option to invest for risk-averse investors as they replicate the performance of an index.

4. Exchange-Traded Funds: Exchange-Traded Funds are a good alternative to mutual funds. They are just like mutual funds and represent a group of stocks.  However, they are not actively managed like mutual funds. Because of passive management, these funds are less costly than the mutual funds and also offer good diversification.

  • Keep Assessing Portfolio Weightage

After preparing a financial investment portfolio, its value would keep on changing due to price fluctuations. Therefore, it becomes important to continuously rebalance the portfolio as per the price movement. Also, the market situation keeps on changing so you also need to alter the balance of your portfolio accordingly. While rebalancing the portfolio, analyse your future needs and risk appetite. Like, if you are ready to take more risk you can increase your stake in equities. Therefore, rebalancing is all about determining which asset class in your financial portfolio is overweight and underweight.

  • Strategy to Rebalance

After determining which securities to reduce or increase from your financial portfolio, you can again follow the process given above under “Build Your Portfolio” heading. By using the same investment approach, you can pick the securities you want to invest. If you feel that some securities in your portfolio which are overweight can fall, you can consider selling them and purchasing another set of securities. In the whole process, you must not forget the tax implication of your decisions.

The above mentioned steps shall help you in building a complete financial portfolio. During the whole process, you must always remember that diversification is the key to building a safe and secure portfolio. If you are a beginner or need any assistance in building a financial portfolio, you can contact IndiaNivesh Ltd. We are one of the most trusted and value-enhancing financial services group in India.

Disclaimer: Investment in securities market / Mutual Funds are subject to market risks, read all the related documents carefully before investing.


Index Funds – Investing in Low Cost Index Funds

Mutual funds are the most popular investment avenue among investors. It can be justified from the fact that the mutual fund industry has added a whopping 3 trillion to their asset base in 2018 and the uptrend may continue in the coming years. There are many types of mutual funds available in the market and one of them is Index Funds. They offer an easy, diversified and low-cost way to invest in the stock market. In this article, you will learn about the Index Funds in detail. Let us begin the article by learning what is an index fund? What is an Index Fund? Investors always seek to take advantage of diversifying their portfolio across different asset classes. To do so, index funds are the most popular because they imitate the portfolio of an index like the Sensex or the Nifty. This fund is constructed in such a way that it matches the performance of the financial market index. An investor who has bought an index fund would experience the price moment exactly in sync of the quoted value of the Sensex or Nifty, depending on the fund. Therefore, these funds ensure the performance exactly as the index that is being tracked. One of the main benefits of these funds is its low expense ratio. Let us now learn how does an index fund work? How Does an Index Fund Works? Like mentioned earlier, Index funds basically track the performance of the index such as Nifty. When you purchase this fund, your portfolio will have 50 stocks in the same proportion that comprise in the Nifty. Therefore, an index represents a group of securities of a market segment. In India, the most popular Indices are NSE Nifty and BSE Sensex. The index funds are not actively managed funds because they replicate an index. In actively managed funds, the fund managers keep on looking for opportunities by researching and selecting new stocks. But in index funds, the managers just maintain the composition of an underlying benchmark. In the case of actively managed funds, the aim is to beat its benchmark while in the case of index funds, the managers try to match the performance of the portfolio with that of the index. Even though the fund managers try their best to match the performance of index fund returns with their portfolio but still there can be some small difference. The index fund managers try to bring down the tracking errors so as to match the index fund returns with the portfolio returns. Now coming to the most important question that who must invest in the low cost index funds. In this section, we will discuss the same. Who Can Invest in Low Cost Index Funds? If you want a predictable set of returns and do not want to take much risk, these low cost index funds are ideal for you. These funds will give you same set of returns as a particular index would. Also, if you want to keep yourself associated with equity funds but not with those funds that are actively managed and bear some risk, these funds are good for you to invest. Therefore, the first thing to consider while investing in the low cost index funds is determining your financial goals and the amount of risk you are willing to take. In the long run, the performance of the index funds is very good. Let us now learn how you can invest in the index funds? How to Invest in Index Funds Investing in Index Funds is very easy with IndiaNivesh Ltd. Just follow the below mentioned steps to invest in the index funds; Visit the website - and sign in. Fill the amount and period of your investment. Complete the hassle-free KYC process. You can now invest in your preferred index fund amongst the many options available. Before you invest in index funds, there are a few things that you must consider. Let us see what they are. Things to Consider Before Investing in Index Funds Risk Appetite It is always advisable to mix and diversify your investments. Index funds are perfect for those who want to take fewer risks. You can reap higher benefits in these funds when the market is in bull mode. When the market enters the bearish mode, you may consider entering actively managed funds.  Returns Index funds aim to replicate the performance of the underlying benchmark. If you are looking for decent returns in the long run, you can invest in the index funds. It is advisable to invest in those index funds that have minimum tracking error. Cost Of Investment The main benefit of investing in index funds is the lower expense ratio. The expense ratio of index funds is 0.5% or less while the expense ratio of actively managed funds is 1% to 2.5%. The funds with lower expense ratios always generate higher returns.  Financial Objectives If you are looking to invest for your retirement or want to create long term wealth then index funds are ideal for you. These funds can generate good returns in the long run which would be of great assistance in your life after retirement. Period of Investment Index funds are known to give better returns over a long term of period. You must have the patience to stick to these funds and avoid taking any decision on the basis of short term fluctuations. Taxation On redemption of the index funds, the capital gains are taxable. Your holding period determines the rate of taxation. If the holding period is less than a year, the short term capital gains are taxable at 15%. And if the holding period is more than one year, the long term capital gains over Rs. 1 lakh is taxable at 10% with no benefit of indexation. The above mentioned are the things that you must consider before investing in the best index funds available in the market. If you looking to invest in best index funds and need any assistance you can contact IndiaNivesh Ltd.Disclaimer: Investment in securities market / Mutual Funds are subject to market risks, read all the related documents carefully before investing.

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Stock Charts – Importance of Stock Charts in Share Market

Often when people begin their investment journey in the stock market, they are swamped with multiple questions in their mind. The very first basic question that comes to the mind is how to determine which stock to purchase and which to avoid. Well, the answer to this question is - stock charts. The stock charts help you in evaluating and gathering all the important information that you must consider before purchasing a stock. By learning stock pattern analysis you can not only become a successful investor but also a successful trader. In this article, you will be learning the different aspects of stock chart reading. Let us first understand what are stock charts? What are Stock Charts? Stock chart is a sequence of prices plotted on a graph over a different timeframe. The y-axis i.e. the vertical axis of the chart represents the price and the x-axis i.e. horizontal axis of the chart represents the time period. Learning and understanding stock chart reading may look like a tough task initially but with little practice, you can master the art. All you need is the correct understanding of the basics of chart reading. They can help you predict the future price movement correctly. Let us now understand the various aspects of stock charts. What are the aspects of Stock Charts? Price and Volume The charts are generally divided into two parts; the price of the stock and the volume of the stock. For correct stock chart analysis and reading of stock chart patterns, it is important to read both price and volume together. This is because if you look only at the movement of the price you would not know how genuine the buying or selling is. For example, a stock has fallen over 5%. Initially, it may look very bad but if the fall is with lower volumes than the average, you may continue to hold the stock because the selling is not done by large retailers who drive the market. The same is the case when the stock is rising but with lower volumes. This rise in the stock price could be fake because when the big players enter the stock there would be a huge rise in the volumes.  Moving Average Lines Moving average lines are very important to understand the performance of a stock. They represent the movement of the share price over a period of time. With the help of moving average lines, you can understand whether the stock is overbought or oversold by large retail participants. The mutual funds and big institutions follow the stock chart patterns and change their positions in stocks when the price rises or moves below the moving average point on the graph. The key moving average points can be a 50-day line, 15-week line, etc. When the stock falls below the benchmark moving average line, the big players often sell their holding and exit the stock. Similarly, when the price moves above the benchmark moving average line, the big players enter and the stock price can rise sharply. Relative Strength Line Relative strength line helps to identify if the stock is a market leader or laggard. This is done by comparing the performance of a stock with the index i.e. Nifty or Sensex. A sharp line rising upwards on the graph indicates that the stock is outperforming the market while a sharp line downwards is an indication that the stock is a laggard and underperforming the overall market. The stock comes in the leadership territory when the Relative Strength line is rising for a breakout and set for a new high in the market. After learning about the various aspects of stock charts, let us learn about some of the basic stock chart patterns. Stock Chart Patterns Daily Stock Chart A daily stock chart on a graph represents the movement of the stock price on a specific day of trading. The day traders use daily stock chart patterns to take intraday positions. The chart has multiple moving day averages like 50 days, 100 days, etc. which the traders monitor continuously to take positions. When the stock rises sharply it is represented by a sharp line rising upwards and when the stock falls, the graph shows a sharp fall in the line. Weekly Stock Chart Just like a daily stock chart represents the stock price movement on a single day, similarly, the weekly stock chart represents the price summary of stock for a single week. This chart is generally used to forecast the price of stocks for the long-term. The weekly charts can display longer-term data on the screen which makes it easy for the analysts and investors to determine the long term trend of a stock. The new investors often get confused between the weekly and daily charts. The confusion is mainly regarding which charts are suitable for them. This section of the article will try to resolve that dilemma. Daily Vs. Weekly Charts The daily charts are said to be good for the traders who are looking for volume and price action on an intraday basis. The stocks on daily charts are said to be giving a breakout when it breaches the 50-day line on either side. On the other hand, for long term investors, weekly charts are ideal. These charts forecast the long term price of a stock along with its trend. It also keeps the investor's emotions under control as they can take wrong decisions looking at the volatile daily chart movements. The Bottom Line There is no doubt about the importance of stock charts in the share market. You can decode the price movement on charts and take advantage of it by making profits. If you want to learn more about stock chart reading and indulge in trading or investing based on it, you can contact IndiaNivesh Ltd. We are one of the most trusted and value-enhancing financial group with new technologies in India.   Disclaimer: "Investment in securities market and Mutual Funds are subject to market risks, read all the related documents carefully before investing."

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  • IPO Process - 5 Steps for Successful Listing in India

    The last two years have proven to be very fruitful for the IPO (Initial Public Offer) market. Investors have cashed in the opportunity and made huge returns in the IPO. The journey of the company to offer its shares to the public is exciting and at the same time, it also offers an opportunity to the investors to reap the benefits of IPO. Seeing the performance of recent IPOs, the attention of investors towards it is at an all-time high and they are always on a lookout for the new opportunities to arrive. When a private company decides to go public, the initial public offering process starts. The companies go public to raise a huge amount of capital in the exchange of securities. An IPO is an important stage for the growth of any company because they have access to public capital which enhances their credibility and exposure. The initial public offering process in India is regulated by the ‘Securities and Exchange Board of India (SEBI). In this article, you will learn about 5 steps of the IPO process for a successful listing on the Indian stock exchange. IPO Process in India Step 1: Selection of an Investment Banker for Underwriting Process Before understanding the IPO process, let us understand what underwriting is. Underwriting is a process in which the shares of the companies are issued and sold during the initial public offering. During this process investment bank advices and gives suggestions to the company against a fee. The investment banker understands the financial situation of the company and accordingly suggests them plans to meet their financial needs. They sign an underwriting agreement with the company. The agreement has all the details about the deal and the amount that will be raised by issuing securities. The companies may select an investment bank after determining various factors such as the reputation of the bank, expertise in the process, quality of their equity research and experience in the sector they deal. All these factors help in selling the IPO to the investors, traders and retailers. Step 2: Due Diligence and Regulation Process After the selection of the investment banker, the company is required to make an initial registration statement as per the regulations of the SEBI. In this process, the company and the underwriters submit the SEBI its fiscal data and the future plans of the company. The company is also required to give the declaration about the usage of funds that will be raised from IPO procedure. This declaration ensures that the company has given each and every disclosure that an investor must know. The company must file various versions of the prospectus from the initial stage to the final stage with the investors. The prospectus consists of the company’s details like valuation of the company, risk and rewards of the investment along with other details. This IPO process ends with the filing of the above-mentioned documents. Step 3: Pricing The final price of the Initial Public Offering is determined by the investors. The investment bank markets the IPO. To attract the public to the IPO application process, they are priced at a discount. By issuing shares at discount, the share performs well when they are listed on the stock exchanges. The price of the stock during IPO procedure can be a fixed price with the price mentioned in the order document. On the other hand, a book building issue will have a price band within the bids that can be made by the investor. Step 4: Stock Listing and Price Stabilization When the shares of the company are listed on the stock exchange and trading begins, the investment bank takes measures to establish the price of the securities. When there are not enough buyers, the bank will purchase the shares. The role of the investment bank in stabilizing the share price is essential. However, one must remember that such buying would last only for a short period of time because the IPO process already consumes a huge amount of capital investment. Step 5: Transition to Market Competition When the company's transition period to the normal competitive environment is over, the company is required to make disclosures like its financial results, significant news, etc. that is material in nature and can affect the price of the shares. The role of the investment bank is still significant. It can continue as an advisor to the company and assist in increasing the price of the shares over a period of time.   Conclusion The above mentioned are the IPO process steps for a successful listing. An IPO can change the fortunes of the company and it can grow at a rapid pace. Apart from the company, investors can also reap the benefits of an IPO by investing in them. Since there are many risks and uncertainties associated with a company going public, good research before investment can be fruitful. The investors can compare the company with its peers and check its fundamentals before investing. An investor must also consider his risk appetite and availability of funds before investing money in the IPOs. If you are an investor and need any assistance regarding investing in the stock market, you can contact IndiaNivesh.Disclaimer: "Investment in securities market and Mutual Funds are subject to market risks, read all the related documents carefully before investing."

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  • IPO Allotment Status – All you need to know about IPO Allotment Process

    Initial Public Offerings have been in existence for a long time. But recently they have come under a lot of limelight. In the July-September period of last year, funds to the tune of USD 0.86 billion were raised from just 10 IPOs. And as per an EY report, IPOs are expected to gain more momentum in 2020. IPOs or Initial Public Offer are the buzzwords these days. Especially after the successful ones like IRCTC and Ujjivan Bank. Indian stock exchanges (BSE & NSE) ranked 6th worldwide in the highest number of IPOs in Quarter 3 of 2019. Read on to understand the IPO Allotment process in detail. Important aspects of bidding in an IPO Before we move to the allotment, we should know some important basics about IPO bidding. These days, most IPOs take the book building route. Some important terms to be aware of: Price Band Each IPO involves a price band. It is a price range within which applicants can make their IPO bids. The upper limit (or maximum price) is s the cap price. The lower limit of the price band is the floor price. The final issues price (known as the cut-off price) is decided based on the bids received.   Lots The total shares (on offer in the IPO) are divided into small lots. Each applicant needs to bid in these lots and not for individual shares. For instance, if a company intends to issue 1 lakh shares and the lot size is 20 shares per lot. Hence, the total number of lots on offer is 5,000. As per the SEBI guidelines, applicants cannot bid for shares quantity which is lower than the lot size. Also, bidding for lots in decimals (such as 1.5 lots) is not permitted. It is important to note that the lot size is applicable only at the stage of IPO allotment. Post listing, investors can trade their shares in the market in whatever quantity they want. ASBA ASBA stands for Application Supported by Blocked Amount. This facility lets you bid in IPOs without paying any money upfront. The amount remains blocked in the bank account and is deducted only after the allotment. IPO Allotment process Share allotment in an IPO needs to be done as per the SEBI guidelines. With the changes introduced by the regulator in 2012, all RII (Retail Institutional Investors) applications need to be treated equally. Some important points about IPO Allotment process: Only bids which are equal to or higher than the issue price qualify for allotment. Retail applicants (with qualified bids) need to be allotted the minimum application size, subject to stock availability in the aggregate. Apart from retail investors, there are two other types of investors in an IPO – QIB (Qualified Institutional Buyers) and NII (Non-Institutional Investors). Allotment to them is done on a proportionate basis. Post submission of all the bids, a computerised application is used to eliminate all invalid bids. This helps to identify the number of successful bids. There can be two situations –Under subscription (number of applications received is lesser than the total lot of shares offered) and Oversubscription (number of applications received is higher than the total lot of shares on offer). Allotment Rules for over and under subscription In case of an under subscription, every investor gets full allotment, regardless of the application size. For retail investors, in case of an IPO oversubscription, the max number of retail applicants eligible for allotment of the minimum bid lot is determined by using this formula – Total no. of shares available for RII (Retail Individual Investors) divided by Minimum Bid Lot. If the IPO is oversubscribed by a huge margin, the final allotment is done through a computerised lottery method. This would mean that some applicants will not get any allotment. If the oversubscription is not by a huge margin, then all applicants will get the minimum bid lot and the balance is proportionality allotted to applicants who had bid for multiple lots.   IPO Allotment Status IPO Allotment Status of each applicant gives the details regarding the number of shares applied for and final allocation in the IPO. The IPO status details are available online on the website of the registrar. Each IPO has a specific registrar such as Karvy, Linkintime, etc. Applicants can check their IPO allotment status by providing details such as PAN, IPO application number, etc. IPO Allotment Status Online is available within one week of the IPO closing date. The entire allocation process takes almost 10 business days. In the case of non-allotment within that period, the amount paid by the applicant is refunded back. The registrar also publishes an allotment document which has all the details regarding the IPO allotment such as the total number of applications received, IPO allotment calculations, etc.   Why were shares not allotted to you in the IPO? There can be three reasons for this. Invalid Bid Bids in an IPO can be rejected or considered invalid for numerous reasons. Some of these are invalid Demat or PAN details, incomplete information, multiple applications by the same person, etc.   Over Subscription Oversubscription means that the demand for the company’s shares exceeds the number of shares issued. In case of a hugely oversubscribed IPO, the shares are allotted based on a lottery. The rationale being that every applicant has an equal chance. If your name does not come up in the lucky draw, you will not be allotted the shares.   Bid Price is below the issue price IPOs following the book building route requires applicants to bid for lots as well as the price they are willing to pay. If the bid price you have submitted is less than the final issue price, you will not get any IPO allotments.   If you want to stay on top of the IPO game, a financial expert can be of great help. A partner like IndiaNivesh, who has more than 11 years of experience in the Indian markets, can keep you informed about all the upcoming IPOs and help you make the most of it.  Disclaimer: "Investment in securities market and Mutual Funds are subject to market risks, read all the related documents carefully before investing."

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  • Tax Saving FD – Know About Tax Saving Fixed Deposit

    Every salaried individual as well as a business person is required to pay taxes as per the income tax laws. While paying taxes, we all aim to legally save it in some way or the other. But how do we do that? It is the most confusing question for most of the taxpayers. One of the excellent ways of saving taxes is by investing in tax-saving investment schemes. They not only help you save taxes but are also instrumental in effectively achieving your financial goals. There are many investment avenues available in the market that either offer tax exemption or tax deduction. Having said that, selecting the most suitable and right tax-saving investments may not come easy for everyone. While choosing the right scheme, one needs to access several factors such as safety, returns and liquidity, among other things. A very popular tax-saving investment option among taxpayers is investments under section 80C. As per section 80C of the Income Tax Act, 1961, investments of up to Rs. 1.5 lakhs can be claimed as a deduction. Tax saving fixed deposit is a type of fixed deposit where you can get a deduction of maximum Rs. 1.5 lakhs under section 80C. To arrive at the net taxable income, the amount invested in tax saving FD is to be deducted from gross total income. Let us learn about some of the important points that you must consider before investing in tax saving FD. Things to Know About Tax Saving Fixed Deposit Investment in tax saving FD can be done by individuals and Hindu Undivided Family (HUF) only. The minimum amount for fixed deposits varies from bank to bank. Income tax saving FD has a lock-in period of 5 years. You cannot make premature withdrawals and loans against these FDs. Investment in these FDs can be made only through private or public sector banks. Rural and co-operative banks are not eligible for these FDs. Tax-saving fixed deposits can be held in ‘singly' or 'jointly'. When the holding is in joint mode, the tax benefit is available to the first holder. Tax saving FD interest rates vary from bank to bank. The interest rate ranges from 5.5% – 7.75%. However, note that some banks offer higher rates on FDs to the senior citizens. These fixed deposits have nomination facilities. The interest earned on the income tax saving FD is taxable according to the investor’s tax bracket. The interest on tax saving FD is payable on a monthly or quarterly basis. The main advantage of investing in tax saving fixed deposits is that they are less risky in comparison to equities. Since many banks offer this type of FD, let us learn about its details. Banks and Income Tax Saving FDs SBI Tax Saving FD Tax saving FD interest rates of SBI is 6.25% for general customers and 6.75% for senior citizens. The maximum deposit in a year is Rs. 1 lakh and the minimum deposit is Rs. 1,000. By using a tax saving FD calculator you can know the amount receivable after the lock-in period of 5 years depending on the maturity period of your FD.   HDFC Bank Tax Saving FD Tax saving FD in the HDFC Bank can be opened with a minimum amount of Rs. 100. The maturity period of this FD is 10 years. Tax saving FD interest rates is 6.30%. Senior citizens get an added benefit of 50 basis points over general customers.   ICICI Bank Tax Saving FD The interest rate on tax saving fixed deposits at the ICICI Bank to the general customers is 6.6% and for senior citizens, the interest rate is 7.10%. These rates are applicable to FDs having a maturity period of 5 to 10 years. The maximum amount that can be deposited is Rs. 1.5 lakhs and the minimum amount for opening tax saving FD at the ICICI Bank is Rs. 10,000.   PNB Tax Saving FD Punjab National Bank offers an interest rate of 6.30% on a five-year tax saving FD. The minimum amount for opening tax saving FD at the PNB Bank is Rs. 5,000.   Bank of Baroda Tax Saving FD Bank of Baroda offers an interest rate of 6.30% on a five-year tax saving FD.   The Bottom Line The above mentioned are the basic details about the major banks that offer income tax saving FDs. You may access each individual option carefully and select the suitable one after doing good research. You can find all the basic information on the bank’s website. If you want to find out the returns that you will be earning from the fixed deposit, you can access the tax saving FD calculator and find out the returns by entering your fixed deposit details. If you want to learn more about income tax saving FD or want to learn about other investment options, you can contact IndiaNivesh. We are among one of the most trusted and value-enhancing financial groups in India.Disclaimer: "Investment in securities market and Mutual Funds are subject to market risks, read all the related documents carefully before investing."

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