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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:
Applicable TDS rates are:
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| Resident Individuals & HUF |
Tax Rate |
Surcharge |
Education Cess |
TOTAL |
| Payment upto 10 lacs |
10% |
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3% |
10.30% |
| Payment equal to & above 10 lacs |
10% |
10% |
3% |
11.33% |
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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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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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