Fixed Deposit

Disclaimers:
*Tax liability for TDS purpose is determined at branch level. Deposits held by minors are also subject to TDS. The credit for the TDS can be claimed by the person in whose hands the minor's income is included.

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TDS is deducted every time the Bank pays/re-invests interest during the financial year. TDS is also deducted on unpaid interest accrued at the end of financial year viz. 31st March.

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Therefore, the maturity amount for re-investment deposits varies to the extent of tax and compounding effect on tax for the period subsequent of deduction till maturity.

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Disclaimers:
**If interest on the current portfolio is not sufficient to cover TDS, it will be recovered from the principal.

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	Tax Rate	Surcharge	Education Cess	TOTAL
Resident Individuals & HUF	10%	Nil	Nil	10%
Corporate Entity	10%	Nil	Nil	10%
NRO	30%	Nil	3%	30.9%
Firms	10%	Nil	Nil	10%

 

Disclaimers:
As per section 206AA introduced by Finance (No. 2) Act, 2009 w.e.f. 01.04.2010, every person who receives income on which TDS is deductible shall furnish his PAN, failing which TDS shall be deducted at rate of 20% in case individuals and at the rate of 30% in case of non-individuals for Domestic deposits and 30.90% in case of NRO deposits.

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You can do this by submitting a form as per the provisions of the Income Tax Act. The forms required for different categories have been listed below:

Category of Account	Form Required
Individual	15H
Companies	15AA
Association of Companies	15AA
Trusts	15AA

 

Disclaimers:

• You have to obtain 15AA Form from the Assessing Officer of Income Tax department.
• Even if the customer submits the 15H/15AA Form, the tax which has already been deducted by way of TDS during the year prior to submission of 15H Form will not be refunded by the bank. However, Certificates will be issued to the customers which can be used while filing his/her tax return.
• 15H/15AA Forms are valid only for the particular financial year in which they are issued.
• A fresh Form 15G/H needs to be furnished for each deposit that is placed with the Bank within the first week of the financial year.

 

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•      For TDS deducted during a calendar quarter, the same will be issued in the next month of the respective quarter.
•      The TDS Certificates that were sent till date via post can be downloaded online from the NSDL.
•      TDS Certificate in Form 16A starting from financial year 2010-11.

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•      Secondary School Leaving Certificate
•      LIC Policy
•      Voters Identity Card
•      Pension Payment Order
•      Birth Certificate issued by the competent authority
•      Passport
•      Defense ID Card/Government ID Card (Provided they have the cardholder's photo, signature and date of birth)
•      PSU Issued ID Cards
•      Senior Citizen Cards issued by Indian Airlines/Indian Railways
•      PAN Card

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 In case proof of age is not submitted, the interest earned will be the same as for the Regular Fixed Deposit.

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 The only exception to this rule is where a customer already has a live senior citizen Fixed Deposit existing at the time of placing the next Fixed Deposit. The Fixed Deposit number needs to be mentioned on the Form. In such cases, it will be assumed that proof of age already exists with the Bank.

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•      TDS will be recovered at 20% (as against 10%)
•      NO TDS credit from the Income Tax department
•      NO TDS certificate will be issued (As per CBDT circular no: 03/11)
•      Form 15G/H and other exemption certificates will be invalid and penal TDS will apply

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•      Where total Fixed Deposit value under per Customer ID per branch is <= Rs. 50,000/- (including the new Fixed Deposit being booked) ---- NO PAN & NO      FORM  -60.
•      Where total Fixed Deposit value under per Customer ID per branch is > Rs. 50,000/- (including the new Fixed Deposit being booked) ---- PAN REQUIRED      MANDATORILY.
  

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