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Frequently Asked Questions

What is the NEW policy with regards to PAN to book Fixed Deposit with Kotak Mahindra Bank?

Following are the new policies:

  •      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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At what rate is TDS deducted?

W.E.F. Aug 09, applicable TDS rates are:

 

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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Do I need to apply for a separate Customer ID to avail the senior citizen Fixed Deposits facility if I am an existing customer?

There is no need to create a separate Customer ID to avail of this product. For new Fixed Deposits, you only have to provide proof of age.

 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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What are the implications of booking a Fixed Deposit without PAN?

In the absence of PAN, following are the implications for customers:

 

  •      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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Can the account be opened in a joint account with a non-senior citizen?

Yes, provided the first account holder is a senior citizen.

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