What are the tax implications of debt products?

The PF and PPF are tax-free. The debt mutual fund returns are taxed at capital gains (which is typically a lower rate of tax than the highest income tax rate). Interest on fixed deposits, corporate deposits and NCDs are taxed at your marginal tax rate. So if you fall in higher tax bracket, this rate is higher. If you are a retiree and fall in a lower tax bracket, this tax may be lower than the capital gains tax above.


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