Will TDS be deducted from the FD interest?

[rounakr94]

So, I have a FD that will mature in this December. Lets say the interest is 25k and principal is 1L. So will TDS be deducted by SBI for this FD while crediting to account?
TDS Calculator shows 10% will be deducted. Do I need to submit any form?

 

[thomasjackson]

TDS under section 194A will be deducted if total interest paid by a bank exceeds 50K for general public and 1 lakh for senior citizens (above 60 years).
If this is the only FD you have with SBI, then assuming that your interest calculation is correct, then bank will not deduct any TDS.

Additionally, if your total income (including this FD interest income) does not cross the basic exemption limit 4 lakh or 2.5 lakh depending on tax regime opted, you can submit form 15G/ 15H to your bank and request them not to deduct any TDS on your interest.

 

[Kabir_1112]

So, I have a FD that will mature in this December. Lets say the interest is 25k and principal is 1L. So will TDS be deducted by SBI for this FD while crediting to account?
TDS Calculator shows 10% will be deducted. Do I need to submit any form?

Mostly bank will not deduct the TDS. You should be getting full amount.

 

[rounakr94]

Mostly bank will not deduct the TDS. You should be getting full amount.

And if they do, I can claim refund during ITR filing?

 

[6ix9ine]

And if they do, I can claim refund during ITR filing?

Y e s

 

[Kabir_1112]

And if they do, I can claim refund during ITR filing?

Yes definitely you can.

 

[Arnal07]

And if they do, I can claim refund during ITR filing?

sbi will not deduct tds unless the total interest from all of the FDs cross 50k in all sbi accounts for the current financial year.Even if does cross the limit, then you can submit form 15G (age below 60) for income less than 4 lakhs under new tax regime and form 15H (age above 60) for income upto 12lakh under new tax regime,provided that you file your ITR properly.

 

[rounakr94]

sbi will not deduct tds unless the total interest from all of the FDs cross 50k in all sbi accounts for the current financial year.Even if does cross the limit, then you can submit form 15G (age below 60) for income less than 4 lakhs under new tax regime and form 15H (age above 60) for income upto 12lakh under new tax regime,provided that you file your ITR properly.

This is the only FD I have under my name. Rest are under my Parents name.

 

[Kabir_1112]

You are all good. No issue at all.

This is the only FD I have under my name. Rest are under my Parents name.