TDS will be deducted when interest payable or reinvested in Recurring Deposits and Fixed Deposits, per customer, across all branches, exceeds Rs. 40,000 in a Financial Year. In case of Senior Citizen, TDS will be deducted when interest payable or reinvested on Recurring Deposits and Fixed Deposits per customer, across all branches, exceeds Rs. 50,000 in a financial year. A TDS Certificate will be mailed to you after end of every quarter during the Financial Year, providing the details of TDS deducted during the quarter.
The following tax slab will be applicable for a 5-year Tax Saving Fixed Deposit.
|TAX RATE||SURCHARGE||EDUCATION CESS||TOTAL|
|Resident Individuals & HUF||10%||---||---||10%|
A fresh Form 15G/15H is required to be submitted for each Financial Year. Form 15G/15H should be submitted at the time of creation of FD or beginning of Financial Year, whichever is earlier. Further, fresh Form 15G/H needs to be submitted for all subsequent deposit(s) booked during the Financial Year. TDS is recovered on the total of interest compounded, interest paid and interest accrued at the end of Financial Year i.e. 31st March on the Fixed Deposit(s)/Recurring Deposit(s).
In 2016, after the demise of her husband and two sons, Hema took charge of her husband’s Motor Driving School. AU Bank transferred the car loans in her name and provided support when Hema needed it the most. After one year, Hema became independent and her business is running better then before. She is also providing employment to four drivers in her Motor Driving School.