Pranam
For that you can hold the money at home. Theft is possible both at the
bank as well at home. Bank is needed for security and as security providers
take money from you under services; and pay interest for using your money;
suppose you pay to hold like old wealth tax, then without increase in
quantum, slowly the deposits would deplete without any use to anyone also.
Wealth tax was abolished not only because of the maintenance but also
siphoning of the money to coffer by percentage where there was only
inflated wealth. KR IRS 7222
On Sun, 6 Feb 2022 at 21:58, Markendeya Yeddanapudi <
[email protected]> wrote:
>
>
> --
> *Mar*Which is Better?
>
> Suppose no interest is given on bank deposits and actually a fee is
> charged for keeping your money in the bank. Suppose your savings are Rs one
> crore in Fixed Deposits and the interest and inflation, both are 6%.Now:
>
> Interest is 600,000.
>
> Inflation cut is also Rs 600,000
>
> Therefore income is nil.But, corrosion in the value of the principal is Rs
> 600, 000, the clear loss. But the interest of Rs 600,000 will be added to
> the taxable income, bloating the taxable income figure, and pushing one to
> the higher income slab, often into the 30% slot. The over taxation of the
> other incomes actually increases, the loss of Rs 600,000.
>
> Suppose no interest is paid at all by the banks and suppose they charge
> say 4% for keeping your money safe.Then you lose Rs 400,000 only. Your
> income will not be bloated and you will not be put into the bigger slab.
>
> Better they end this fraud of interest on bank deposits totally and charge
> a fee for keeping your money safely. Then as trustees of your money they
> cannot be mere debtors but only safe keepers of your money. Even if the
> bank fails, your deposit will be safe.
>
> YM
>
>
>
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