In a periodic interest payout option, UCO 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 UCO 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 UCO Bank – Will TDS be deducted?
In case the interest earned by you across all your fixed deposits across all branches of UCO Bank in a year exceeds 0, the bank must deduct TDS at 10.3%. In case your IT PAN is not updated in the UCO 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 UCO 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).
UCO 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.
UCO Bank FD interest rate calculator – Check your city
Keep your KYC documents - PAN card, address proof and photo ready.
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