The Telstra (ASX:TLS) dividend yield is 8 times greater than term deposits

At present, National Australia Bank Ltd (ASX: NAB) is offering interest rates of just 0.6% on 12-month term deposits. This is broadly in line with what the rest of the banks are offering.

This means that even if you were to invest $1 million into these term deposits, you would receive just $6,000 of income per annum.

That’s clearly not sufficient for an income to live from.

Luckily, there are plenty of dividend shares on the Australian share market offering far greater yields.

One example of this is Telstra Corporation Ltd (ASX: TLS).

This telco giant has certainly had a few tough years, but its outlook is now improving greatly. This is thanks to its T22 strategy and the NBN rollout progress.

In respect to the former,…