In a periodic interest payout option, SBI 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 SBI 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 SBI – Will TDS be deducted?
In case the interest earned by you across all your fixed deposits across all branches of SBI in a year exceeds 0, the bank must deduct TDS at 10.3%. In case your IT PAN is not updated in the SBI 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 SBI 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).
SBI 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.
SBI FD interest rate calculator – Check your city
Keep your KYC documents - PAN card, address proof and photo ready.
23rd Jan 17 SBI expects to raise up to Rs. 15, 000 crore from capital market in next 18 months
State Bank of India has announced that they are expecting to raise funds up to Rs. 10, 200 crore from capital market during the next fiscal year FY18. The bank expects to raise funds worth Rs. 4, 600 crore from its life insurance arm SBI Life Insurance in the next 12 to 18 months.
21st Jan 17 SBI raises Rs. 5, 681 crore by issuing preference shares to government
SBI raises funds worth Rs. 5, 681 crore from government by issuing preference shares. The fund infusion in the bank is a part of total capital support of Rs. 7, 575 crore package promised by the government for the current financial year.
20th Jan 17 SBI and BSNL launch Mobicash, a virtual wallet application in Chennai
SBI in association with BSNL has launched a virtual wallet application in the state of Chennai. The application is already available in six states. Customers can use the application for wallet to wallet transfer, mobile recharge and cash transfer.
18th Jan 17 SBI raises 500 million dollars via 5 years bonds
SBI has raised 500 million dollars via 5 years bonds through its London branch. The bonds, with a tenor of 5 years, will carry a fixed interest rate of 3.25 percent payable semi annually in arrears.
17th Jan 17 State Bank of India likely to increase its stake in its credit card joint venture SBI cards
SBI is likely to increase its stake in its credit card joint venture named as SBI cards and payments services (SBICPSL). SBI expects to complete the deal by March, 2017. Currently, SBI with 47.6 lakh credit cards has the second largest number of credit cards in circulation in the country.
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