|
|
|
|
|
|
|
| |
| If you have any queries that are not answered
here, please call us or write to us. |
| |
|
|
| |
|
If the aggregate interest income that you are likely to earn on all your deposits is Rs.10,000 and above in a financial year, you become liable for TDS.
|
|
|
When is TDS deducted?
|
TDS is deducted every
time the Bank pays interest during the financial year. In addition, TDS is also
deducted on interest accrued (but not yet paid) at the end of the financial
year viz. 31st March.
|
|
|
Does any change or enhancement in my deposit portfolio affect TDS
liability?
|
Yes. If the change or enhancement in your deposit portfolio earns aggregate interest income (paid or accrued) along with that of the earlier portfolio is Rs.10000 and above in a financial year, then you will be liable for TDS on your current portfolio.
Note: If interest on the current portfolio is not sufficient to cover TDS, it will be recovered from the principal.
|
|
|
|
If you believe that your
total interest income for the year will not fall within overall taxable limits,
you should inform the bank not to deduct TDS on deposits. You can do this by
submitting a form as per the provisions of the Income Tax Act. The forms
required for different categories have been listed below:
|
| Individual |
15H |
| Companies |
15AA |
| Association of Companies |
15AA |
| Trusts |
15AA |
|
Note
|
|
|
You have to obtain 15AA Form from the Assessing
Officer of Income Tax department.
|
|
|
Even if the customer submits the 15H/15AA Form,
the tax, which has already been deducted by way of TDS during the year prior to
submission of 15H Form, will not be refunded by the bank. However Certificates
will be issued to the customers, which can be used while filing his/her tax
return. Mentioning of PAN is mandatory in 15H/15AA.
|
|
|
15H/15AA Forms are valid only for the particular
financial year in which they are submitted.
|
|
|
A fresh Form 15H needs to be submitted for each
deposit that is placed with the Bank
|
|
|
|
When does the Bank issue a TDS Certificate?
|
From the financial year 2010-11 TDS Certificate in Form 16A is issued on a quarterly basis after completion of the calendar quarter.
|
|
|
Can the account be opened in a joint account with a non-senior
citizen?
|
Yes, provided the first
account holder is a senior citizen.
|
|
|
What documentation is required to open a senior citizen FD?
|
While opening the
account, the customer needs to provide proof of age establishing that he/she is
a Senior Citizen. To accomplish this, either of the following can be submitted:
|
|
|
SSLC marks card |
|
|
LIC policy
|
|
|
Voter ID card
|
|
|
Pension Payment Order
|
|
|
Birth Certificate issued by a Competent Authority
|
|
|
Passport
|
|
|
|
Will I have to provide proof of age for (Senior Citizens) all the
subsequent Fixed Deposits?
|
All subsequent Fixed
Deposit applications need to be accompanied by proof of age. The only exception
to this rule is where a customer already has a live Senior Citizen Fixed
Deposit existing at the time of placing the next Fixed Deposit. The Fixed
Deposit number needs to be mentioned on the Form. In such cases, it will be
assumed that proof of age already exists with the Bank.
|
|
|
I am an existing customer, do I need to apply for a separate
Customer Identification Form (CIF) to avail this facility?
|
There is no need to
create a separate CIF to avail of this product.
|
|
|
What happens if I have not selected automatic renewal of my deposit and I do not claim the deposit for some time?
|
The bank will pay you interest @ 4% on such deposits, also called overdue deposits, after 14 days post the maturity date. This rate is subject to change based on prevailing RBI regulations.
|
| |
|
|