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Good news for those making FD! Finance Minister can make these big announcements in the budget –

by Aaryan Srivastav
January 4, 2025
Good news for those making FD! Finance Minister can make these big announcements in the budget - India TV Hindi

Photo:FILE FD

Investment in mutual funds has increased rapidly in the last few years. Small to big investors are investing in mutual funds through SIP. This has had a bad impact on fixed deposits i.e. FD. The number of people making FD has decreased rapidly. Due to this, the liquidity problem faced by banks has increased. To overcome this problem, former RBI Governor Shaktikanta Das had suggested banks to increase deposits by introducing new products. Now news is coming that there may be many announcements in the budget to attract FD. This includes income tax exemption on investment in FD for 3 years instead of 5 years, tax exemption on income from FD etc. Experts related to banking and finance sector have also given many suggestions to the Finance Minister regarding FD. The budget for the financial year 2025-26 is to be presented in Parliament on February 1.

Banks will get help in increasing savings

Financial institutions, especially banks, have suggested tax incentives for fixed deposits in the upcoming budget to promote savings. This suggestion was made in the meeting with Finance Minister Nirmala Sitharaman before the budget amid the decline in savings in recent days. Radhika Gupta, Managing Director and CEO, Edelweiss Mutual Fund, said that during the pre-budget meeting with the Finance Minister, suggestions were also made regarding improving the efficiency of capital markets and enhancing capital market inclusion. He said that recommendations were also made to encourage long-term savings i.e. both bonds and equity shares. Finance Minister Sitharaman held a meeting with representatives of financial and capital markets in connection with the preparations for the budget. This was the seventh meeting in this series. The meeting was attended by the Finance Secretary and DIPAM (Department of Investment and Public Asset Management) Secretary, Secretary of the Department of Economic Affairs and Financial Services and the Chief Economic Advisor.

This announcement is also possible in the budget

A specific fund for MSMEs, small borrowers and environment-friendly initiatives like electric vehicles can be provided to organizations like SIDBI and NABARD. It should work in the same way as the National Housing Bank is doing in the case of housing finance companies. The limit under SARFAESI Act is Rs 20 lakh. This can be reduced so that smaller NBFCs can come under its ambit. According to sources, bank representatives suggested linking long-term capital gains tax with fixed deposits to encourage deposits. Income tax is levied on returns received from fixed deposits. This discourages people from investing their savings in fixed deposits.

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