Certificate of Deposit

Archive for July, 2007

Question: Certificate Of Deposit help?

I was thinking of doing a Certificate Of Deposit and I found this info on chase.com. For a minimum deposit of $1,000 the 6 month rate is .25%, so say I did that for 6 months would i only make $2.5 which is .25% of $1,000? Is that how it works?

Answer: Yeah, i used to work at Wells Fargo, and I noticed that bigger banks give way less interest on CDs. Mainly because they don’t need your money. Smaller banks and credit unions usually have way better rates, because they are trying to invest all the money that they can. Plus CDs are FDIC insured up to 100,000, so even if the smaller bank goes under, you get your money back. Check out multiple banks to see what you can get. But it won’t be much.

Question: In India, where sholuld i invest money in short term (6-9 months)??

I wanted some info regarding Short Term Investments. I am holding 2-3 insurance policies in which the premium (Total Annual premium of around 70,000/-) has to be paid half yearly. But as i’m from a service back ground, i’ve to save every month to pay the premiums twice in a year. The amount that i save every month lies in my savings account, so i was wondering if it is possible to invest this amount in some funds(debt or FDs or something else??) where i can earn better returns than the savings account and still be able to pay the premiums every six months. Also, do i need to pay any fees or load for such investments??
Plz advise.

Answer: If you have a short- time horizon, then you can certainly move in equity markets, with short term trading stocks. You can also opt yourself with mutual funds, on going or open ended NFOs. This could give you good returns and proper planning of money can certainly lead you to a better life. If you want a safe investment you can go for Money Market instruments, bank fds, equity and debt combinations MFs, corporate bonds, recurring accounts. There are many option but in this time the first option of direct or indirect investment in to market is best. For any further clarification contact me on
919825304072, [email protected]

Short-term investment risky at current level: Sanlam India

Question: Should I file for the past six years even though I only have a minimal amount of unearned income?

I am unemployed and dependent on my mom for support.For the past several years all I have earned is a minimal amount of unearned income(below minimum amount to file) on a savings account and a Certificate Of Deposit. I heard from someone that you should file for the past six years because the IRS can hold you criminally responsible if you didn’t file and should have. I know I don’t owe any money, but should I back file for at least the past six years? I am also concerned because I am applying for state health insurance(for low income and poor people)and the insurance program wants my social security number and they will use my ssn to check my latest tax form. If they don’t find a tax form will I be in trouble with IRS or possibly be audited? Also if I did back file, do I have to pay a late filing fee for each year(I think it is a $100.00 per year) even though I won’t owe any taxes. Also, is there any reason to backfile beyond six years if I don’t owe anything?

Answer: The fee goes by how much they feel you owe and by how many days late you are. Best to file so you don’t get into trouble but the odds are you should consult a tax attorney to represent you for fines and cost. Odds are you would have got money back. Not now you are late.

FDIC Insurance for Deposits Greater Than $100000