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S. No | Name | Age | Bank | Interest Income in FY25-26 | TDS (PAN available) @10% | TDS (No PAN/Form 60) @20% |
1. | Narendra Modi | 74 | SBI | 99999 | No TDS | No TDS |
2. | Narendra Modi | 74 | PNB | 150000 | 15000 | 30000 |
3. | Narendra Modi | 74 | ICICI | 95000 | No TDS | No TDS |
4. | Rahul Gandhi | 54 | SBI | 49999 | No TDS | No TDS |
5. | Rahul Gandhi | 54 | PNB | 51000 | 5100 | 10200 |
6. | Rahul Gandhi | 54 | ICICI | 100000 | 10000 | 20000 |
I'm afraid you have a misconception regarding how TDS works. The bank will only do TDS if the interest income for the FY is above the yearly threshold, and not otherwise. This is in accordance with the tax laws.
They have done the TDS now because the current interest payout (the entire amount payable) crossed the threshold, and they deducted 10% on the whole amount now since nothing was deducted earlier. The Government wants 10% TDS on the entire interest payout, whether done in installments, or in one shot. The bank has no say in this.
Rather than feeling unhappy, you should be happy that the total yield on your FD turned out to be more this way rather than if TDS were done in each FY.
Why not do a hypothetical calculation and deduct 10% of the interest earned each FY before compounding with the principal for that year, and see what you would have earned in that case on maturity?
I'm sure you'd be surprised, and happy when you realize the amount of "cashback" you've received from the Government because TDS was done only at the very end! 🙂
.
NM- FDAdding to @Trust Me reply, sharing the current tules of TDS for FD which has been revised from FY25-26/AY26-27,
TDS Deduction of 10% if total interest income across all account in a particular bank with same Cust ID if interest income exceeds 50000 for people below 60 years of age. Below 50000, no TDS on FD. It has been revised from 40000 earlier which was till March 31st, 2025 aka FY24-25.
For senior citizens i.e above 60 years of age, no TDS for FD if total interest income in a particular bank is below 100000 (revised from 50000).
Tabular Example:
S. No Name Age Bank Interest Income in FY25-26 TDS (PAN available)
@10%TDS (No PAN/Form 60) @20% 1. Narendra Modi 74 SBI 99999 No TDS No TDS 2. Narendra Modi 74 PNB 150000 15000 30000 3. Narendra Modi 74 ICICI 95000 No TDS No TDS 4. Rahul Gandhi 54 SBI 49999 No TDS No TDS 5. Rahul Gandhi 54 PNB 51000 5100 10200 6. Rahul Gandhi 54 ICICI 100000 10000 20000
The 50000 limit / 100000 limit is per bank across all FDs you hold in that bank throughout India as it is per Cust ID.
Suppose you are 30 yrs old and you have SBI Account in Mumbai having FD interest of 25000 and this FD is created on April 2, 2025. SBI won't deduct any TDS.
Now in SBI Delhi with same Cust ID you open new FD with high amount in Oct 2025 which will have 27000 interest till March 31st, 2026. Now n Dec payout SBI will deduct 10% TDS on interest and in March payout they will deduct lumpsum TDS upto Rs.5200 (10% of 52000).
But if you had two FDs having interest 25K and 27K in different banks, both wont deduct TDS as it is under 50K limit.
Note: If your income is below 3L for FY24-25 or 4L for FY25-26 (5L in case of senior citizens) from all sources then you are eligible to submit form 15G/H with bank. Forum has to be filled every new FY in April 2 to May 31st because in June banks payout quarterly interest and if you have FD with monthly payouy do it in April itself before making FD/interest credit.
15G (for citizens below 60): Applicable only if income from all sources is 4L.
15H (for senior citizens): Applicable onlt when income from all sources is below 5L.
15G/15H can be submitted if your net tax liability is Nil. Some people argue that when upto 12L they don't have tax considerations they are eligible but tax department clearly tells 4L/5L. Any changes in it will reflect in bank when you submit it online in IBanking/App.
Age factored in for examples. 🙂NM- FD
RG-FD
Data leak 🤔😉
DATA LEAK कर दिया 🥱Age factored in for examples. 🙂
1.kindly keep the FD advice screenshot hiding personal detailsHey everyone,
Here’s a recent issue I faced with IndusInd Bank while redeeming one of my Fixed Deposits — sharing this so others can stay alert and double-check when their FDs mature.
🔹 I had an FD of ₹1,00,000 which matured today. Based on the interest rate, the expected maturity amount was ₹1,12,370.
🔹 However, only ₹1,08,880 was credited to my savings account
Upon checking the closed FD statement, I noticed:
I haven't submitted Form 15G, and my total interest income for the current financial year is around ₹51,000 (including this FD).
- ₹1,10,245 was debited from the FD
- So there's a shortfall of ₹1,365 between the FD debit and the actual credit
- Additionally, ₹2,125 was deducted (on ₹12,370 interest), which is higher than the standard 10% TDS — despite my PAN being linked
My RM couldn’t explain the deductions clearly and mentioned that no TDS was shown on their end — and advised me to escalate the issue to the Nodal Desk. I’m currently doing that.
What could be the reason for this? Is this an error, or am I missing something?
Has anyone else faced something similar? Would love to hear about your experience.
@cardio_guy @SSV @Anindya98 @NAB @sjmajumder @newmakerhere @hender @BVC @CosmicCat @BeingIncog @Beyond @helloworld
Yeah, these days even publcizing account number can invite lot of trouble for holders. We kwwp advising people not to share info. but he may have missed it as may not be sware it is showing account numbers of FD and savings.1.kindly keep the FD advice screenshot hiding personal details
2. do you hold any joint account in Indusind
Deleted, 🙂Yeah, these days even publcizing account number can invite lot of trouble for holders. We kwwp advising people not to share info. but he may have missed it as may not be sware it is showing account numbers of FD and savings.
No . .2. do you hold any joint account in Indusind
Yeah, these days even publcizing account number can invite lot of trouble for holders. We kwwp advising people not to share info. but he may have missed it as may not be sware it is showing account numbers of FD and savings.
Okay now got it. Did he shared mistakenly showing acc number.Yeah, these days even publcizing account number can invite lot of trouble for holders. We kwwp advising people not to share info. but he may have missed it as may not be sware it is showing account numbers of FD and savings.
I just agreed with what you said and advised him to delete screenshot or hide info. of FD and savings acc. no. 🙂I only understood half what you said bro.
I asked him to hide all the personla details any how (if u missed to read it)
i havent seen that he shared Sc sht with ac.noI just agreed with what you said and advised him to delete screenshot or hide info. of FD and savings acc. no. 🙂
better mask and send broNo . .
is this fd had prev standing instructionNo . .
Not sure about private banks but all PSU banks give 1% extra interest to staff and ex-staff. Enough reason to put all your money in one bank.On Point. It's better govt took ur money at the end.
And at this point I don't know why people do FDs in one bank.
Faulty system, poor design. The closing procedure should have a validation process to ensure all formalities, like interest credit till date, TDS, etc. are successfully posted before closing the FD. If not, it should be able to run adhoc commands to complete formalities before closing the FD.@Fini7777 Talked about your issue to a known person in IndusInd working as Manager.
You will receive your interest automatically by tonight or tomorrow morning directly in your savings account. Bank runs interest credit command twice a day. Problem here is in morning FD got closed today when interest command was yet to run or some issues while it ran and system closed it which it should as it is maturity date. Now in evening or tomorrow morning when it will re-run you will have your credit.
Definitely not.This process is followed in all banks.