In a periodic interest payout option, 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 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 – Will TDS be deducted?
In case the interest earned by you across all your fixed deposits across all branches of in a year exceeds , the bank must deduct TDS at 10.3%. In case your IT PAN is not updated in the 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 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).
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.
FD interest rate calculator – Check your city
Keep your KYC documents - PAN card, address proof and photo ready.
25th Feb 17 ICICI Bank buys 81.4 million shares of JP Ventures
ICICI Bank has acquired 81.4 million shares of Jaiprakash Power Ventures under a debt restructuring plan. The bank has acquired shares by converting debentures into equity. After acquisition, the bank holds 13.72 percent stake in the company as compared to 0.13 percent earlier.
25th Feb 17 SBI merger with five associate banks to happen on 1st April, 2017
State Bank of India will merge with its five associate banks on 1st April, 2017. The assets of the five associate banks including State Bank of Travancore, State Bank of Mysore, State Bank of Bikaner and Jaipur, State Bank of Patiala and State Bank of Hyderabad will be transferred to State Bank of India on 1st April. After this merger, SBI with an asset size of 550 billion dollars, will become a global sized bank and compete with the largest bank in the world.
25th Feb 17 IDFC Bank sanctions loan of Rs. 675 crore to Solairedirect
IDFC Bank has sanctioned a loan worth Rs. 675 crore to a Rajasthan based solar power project owned by French company Solairedirect. The bank has channelised loan via special purpose vehicle called Solaire Surya Urja Pvt.
25th Feb 17 SEBI eases norms for Debt Mutual Funds to invest in Indian Housing Finance Companies
Securities Exchange Board of India has eased the norms for Debt Mutual Funds for investing in Indian HFCs. Debt Mutual Funds can now invest up to 15 percent of their total net assets in housing finance companies as compared to 10 percent earlier. The norms have been relaxed with a view to attract more funds for affordable housing activities. As a result, shares of housing finance companies rose by 4 percent on 23rd February, 2017.
25th Feb 17 Oxyloans targets to disburse Rs. 100 crore in 100 days from 1st march, 2017
Oxyloans, a Hyderabad based peer to peer lending firm, targets to disburse loans worth Rs. 100 crore in 100 days from 1st March, 2017. As per leading official, Oxyloans has received 270 loan applications forms worth Rs. 250 crore from various business sectors. The P2P lending platform offers loans across multiple segments including personal loans, business loans and SME loans.
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