Need A Financial Product Forums Loans How to save tax burden on joint fixed deposit accounts

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    I have joint savings bank account in Canara Bank with my wife. I am in service and my wife is housewife. Fixed deposits are linked to savings account. If I open fixed deposit on my wife’s name and keep my name as secondary, will I be able to save tax on it? Is it necessary to swap positions in savings account as well so that the interest earnings are shown on my wife’s name?


    Nina Thakkar

    Whatever interest you earn on a joint fixed deposit account is clubbed to both the joint holders. Therefore, you cannot escape the tax burden on them.

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