In a periodic interest payout option, Indian Bank would transfer the interest earned at each interval (say, quarterly) to your bank account. The interest would remain the same across the life of the deposit. On maturity, unless the deposit is renewed, would transfer the principal amount to your bank account.
In case you opt for a Indian Bank cumulative deposit, on maturity you would get a credit for the principal and interest earned net of TDS.
Calculate the FD maturity amount using the FD calculator.
Fixed Deposit calculator Indian Bank – Will TDS be deducted?
In case the interest earned by you across all your fixed deposits across all branches of Indian Bank in a year exceeds 0, the bank must deduct TDS at 10.3%. In case your IT PAN is not updated in the Indian Bank records, it must deduct twice the TDS at 20.6%. So, do remember to update your PAN on your FD.
Sorry, but we aren’t done with tax yet. This was only the TDS. Now, you would need to add the interest income on all your Indian Bank FD’s and other FD’s to your taxable income for the year. Based upon your tax bracket, income tax is payable on this income. Remember that you must estimate the interest income and all your other incomes and, based on this, pay advance tax on advance tax payment dates (15th Sep, 15th Dec, 15th March and 31st March).
Indian Bank will also issue you a Form 16A giving details of tax deducted on FD interest and tax deposited by it with government treasury. The TDS amount deposited by the bank with Income Tax Department can be verified in your 26AS statement available online on IT department website or through your net banking account. You can claim credit for the TDS amount in your annual Income Tax Return.
Indian Bank FD interest rate calculator – Check your city
Keep your KYC documents - PAN card, address proof and photo ready.
Indian Bank will organise a mega loan mela at its regional office located near Arivoli Park and at five other places of the district on 17 and 18 Sept, 2016. The purpose of these camps is to disburse loans to the tune of Rs. 60 crore. The bank will give housing loan, MSME loans, vehicle loan for business projects, Pradhan Mantri Mudra Loans and loans for green field enterprise under Stand Up India scheme to SC/ST applicants.
Indian Bank reported a 42.77 per cent increase in net profit at Rs 307.36 crore for the first quarter ended June 30 after the rise in net interest income and fall in expenses. Total income for the bank also rose to Rs 4,512.96 crore during the June quarter from Rs 4,494.53 crore in the same period during previous fiscal year. The Net NPA of the bank rose to 4.48 per cent at the end of June 2016. The bank reported higher provisioning at Rs 416 crore in the first quarter of current fiscal FY17.
As per the results for Q1FY17, Indian Bank reported 42.8 percent increase in its Net Profit to Rs 307.4 crore. The increase on Net Profit was largely attributable to an increase in Other Income, Operating Profit and stable provisions. The growth in Net Profit was achieved despite higher tax cost. The Net Interest Income was reported at Rs 1,236.32 crore, an increase of 10.4 percent on a yoy basis. Similarly, Other Income (Non Interest Income) was reported at Rs 441.7 cror ean increase of 17.6 percent on a yoy basis.. Asset quality showed mild signs of weakening as Gross NPAs as a percentage of Gross Advances increased by 31 basis points to 6.97 percent and Net NPAs a s a % of Net Advances increased by 28 basis points to 4.48 percent when compared on a sequential basis.
Indian Bank has reduced the interest rates on home and vehicle loans by up to 0.20 per cent with immediate effect. As per the revised rate of interest, home loans for up to Rs 75 lakh, the interest rates has been revised from 9.65 per cent to 9.55 per cent while for loans above Rs 75 lakh it has been reduced to 9.75 per cent from 9.90 per cent. For loans towards purchase of new cars, the interest rates were cut to 9.95 per cent from 10.15 per cent.
Indian Bank has revised interest rates on term deposits with immediate effect. The bank announced an upward revision of interest rate on term deposits for one year by 15 basis points. It also reduced interest rates for a few other tenures by 25-50 basis points with immediate effect.
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