For employees, it refers to the gross monthly wages or salaries before deduction of employee CPF contributions and personal income tax. It comprises basic wages, overtime pay, commissions, tips, other allowances and one-twelth of annual bonuses.
|Tenure||Monthly Deposit||Minimum Deposit|
|3 to 5 Years||0.95%||10000|
A monthly interest fixed deposit is a type of term deposit, where the interest earned is credited directly back to the investors account per month. This is a fixed deposit that earns an interest in much the same way as a regular fixed deposit does with a few differences.
Tax Deducted at Source ( TDS ) is applicable on M.I.S deposits. If interest earned on monthly deposits exceeds Rs. 10,000 a year, TDS at the rate of 10 per cent would be deducted by the bank. With some banks, no TDS is deducted by the banks on the interest earned.