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Do we get interest on minimum balance?
For example, if the minimum balance needed to be maintained is Rs. 25,000, an auto sweep may convert any amount above Rs. 50,000 into a Fixed Deposit. This money will earn interest at a higher rate and the interest will get credited to the Savings Account.
What does minimum balance to earn interest mean?
As its name already suggests, it is the minimum amount of money you need to keep or maintain in your savings account for it to earn interest. Account holders can expect anywhere between 0.50\% to 1.25\% gross interest rate per annum.
Can HUF have saving account?
A HUF can open a Bank account in any bank. The types of Bank accounts that can be opened by a HUF are Savings Account, Current Account or Term Deposit Account. In addition to this, it is also possible for HUF to open Accounts relating to borrowings from bank by way of Cash credit, Term Loan or any other types of loan.
What is minimum monthly balance fee?
One of the most annoying bank fees to contend with is the minimum balance fee. Also called monthly maintenance fees, these charges are added on when your balance dips below an amount specified by the bank.
What is minimum balance account?
The minimum balance for a bank account is the minimum dollar amount that must be maintained to receive certain benefits or to keep the account open. Minimum balances can be enforced by charging fees, denying interest payments, or closing the account if the minimum balance is not maintained.
What is the maximum amount of tax payable on HUF?
Tax payable but subject to maximum of Rs. 12,500 Resident Individual 5. HUF is assessed to tax as a separate entity HUF is treated as a person distinct from Individual members or Karta. HUF 6. Concessional tax regime under section 115BAC Option for payment of taxes at reduced rates (subject to certain conditions) Individuals and HUF
What is minimum balance in savings account?
Minimum Balance: What amount you need to keep in your savings account? People having their savings accounts in various banks have to maintain a certain sum of money in their bank accounts. When this account balance falls below the required threshold amount, the bank levies a penalty on the account holder for failing to meet the requirements.
What are the benefits available only to individuals & HUFS?
2.i Benefits available only to Individuals & HUFs* A. Tax Rates and Relief [AY 2022-23] S.N. Particulars Benefits Available to 1. Maximum amount of income which is not chargeable to Income-tax Rs. 2,50,000 Individual/HUF 2. Maximum amount of income which is not chargeable to Income-tax in the hands of a resident senior citizen,
How is a HUF treated under section 115bac?
HUF is treated as a person distinct from Individual members or Karta. HUF 6. Concessional tax regime under section 115BAC Option for payment of taxes at reduced rates (subject to certain conditions) Individuals and HUF B. Income Exempt from Tax S.N. Section Particulars Limit of exemption Available to 1. 10(2)