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FAQs |
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If you have any queries that are not answered
here, please call
us or
write
to us.
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When
do I become liable for TDS?
If the aggregate interest income that you are likely to earn for all your
deposits held in a branch is greater than Rs. 10,000/- in a financial year,
you become liable for TDS.
Note:
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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When
is TDS deducted?
TDS is deducted every time the Bank pays interest during the financial year.
In addition, TDS is also deducted on interest accrued (but not yet paid) at
the end of the financial year viz. 31st March.
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Does
any change or enhancement in my deposit portfolio affect TDS liability?
Yes. If the change or enhancement in your deposit portfolio earns a cumulative
interest along with that of the earlier portfolio greater than Rs. 10,000/-
you will be liable for TDS on your current portfolio.
Note:
If interest on the current portfolio is not sufficient to cover TDS, it will
be recovered from the principal. |
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At
what rate is TDS deducted?
TDS is deducted at the following rates for the following category of account
holders:
W.e.f Aug 09, applicable TDS rates are:
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Tax Rate |
Surcharge |
Education Cess |
TOTAL |
| Resident Individuals & HUF |
10% |
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---- |
10% |
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Important
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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 PANo,failing which TDS shall be deducted at the rate of 20% in case of individuals and 30% in case of Non-individulas of Domestic deposits and 30.90% in case of NRO deposits |
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How
and when can I apply for exemption on TDS?
If you believe that your total interest income for the year will not fall
within overall taxable limits, you should inform the bank not to deduct TDS
on deposits. 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 |
| Trusts |
15AA |
Note:
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 15H needs to be furnished for each deposit
that is placed with the Bank
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When
does the Bank issue a TDS Certificate?
A consolidated TDS Certificate in Form 16A, for TDS deducted during a financial
year will be issued in the month of April of the following financial year.
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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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What
documentation is required to open a senior citizen FD?
While opening the account, the customer needs to provide proof of age establishing
that he/she is a Senior Citizen. To accomplish this, either of the following
can be submitted:
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Secondary School Leaving
Certificate (10th Class) |
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LIC Policy |
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Voters Identity Card |
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Pension Payment Order |
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Birth Certificate issued by the competent
authority |
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Passport |
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Defence ID Card / Govt ID Card (Provided
they have the cardholder's photo, signature and date of birth) |
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PSU Issued ID Cards |
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Senior Citizen Cards issued by Indian
Airlines / Indian Railways |
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PAN Card
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I am
an existing customer, do I need to apply for a separate Customer ID to avail
this facility?
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
FD.
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Will
I have to provide proof of age for all the subsequent Fixed Deposits?
All subsequent Fixed Deposit applications need to be accompanied by proof
of age. 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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Can
this Fixed Deposit be opened with multiple holders?
Yes, the deposit can be held either in single name or jointly. However, incase
of joint holder type deposit, the deduction from income under section 80C
of the Act shall be available only to the first holder of the deposit.
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I
am an existing customer, do I have to submit my Pan Card details once again
to avail this facility?
Yes, both new & existing customers are required to submit their Pan Card details
to the bank to avail tax exemption U/S 80C of the Income Tax Act, 1961.
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| Apply Now |
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Just
fill the Online Application Form and our representative
will get in touch with you shortly.
Other
Ways to apply :
*Conditions Apply
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