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TDS (Tax Deduction at Source) will be applicable when the total interest payable or reinvested in Recurring Deposits and/or 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.
| TYPE OF CUSTOMERS | TAX RATE | SURCHARGE | EDUCATION CESS | TOTAL TAXES |
|---|---|---|---|---|
| Resident Individual & HUF | 10% | ---- | ---- | 10% |
| Corporate Entity | 10% | ---- | ---- | 10% |
| Firms | 10% | ---- | ---- | 10% |
| Co-operative Societies & Local Authority | 10% | ---- | ---- | 10% |
| TOTAL INTEREST PAID TO NRO DEPOSITS AND SB ACCOUNTS IN A FINANCIAL YEAR | TAX RATE | SURCHARGE | EDUCATION CESS | TOTAL TAXES |
|---|---|---|---|---|
| Less than or equal to Rs 50 lakh | 30% | ---- | 4% | 31.20% |
| Greater than Rs 50 lakh but up to Rs 1 crore | 30% | 10% | 4% | 34.32% |
| Greater than Rs 1 crore | 30% | 15% | 4% | 35.88% |
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.
AU Bank was very quick. The customer service was very cheerful and helpful there. They sort everything very nicely.
Raju Bhai a progressive farmer who hails from a village near Ahmedabad had understood that dependence on agriculture alone for livelihood will never be enough to fend for his family. AU Bank extended support and gave wings to his aspirations by catering to his financial requirements.
Raju Bhai is earning handsome surplus, besides the income from his agriculture income. He has a well-settled pick-up vehicle business with three vehicles and two drivers who are paid 8000 each.
