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If the aggregate interest income that you are likely to earn for all your deposits held in a branch is greater than Rs. 10,000/- in a financial year, you become liable for TDS.
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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.
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Yes. If the change or enhancement in your deposit portfolio earns a cumulative
interest along with that of the earlier portfolio greater than Rs. 5,000/- you
will be liable for TDS on your current portfolio.
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Note: If interest on the current portfolio is not sufficient to cover
TDS, it will be recovered from the principal.
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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:
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| Individual |
15H / 15G |
| Companies |
15AA |
| Association of Companies |
15AA |
| Trusts |
15AA |
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Note:
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You have to obtain 15AA Form from the Assessing Officer of Income Tax
department.
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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.
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15H/15AA Forms are valid only for the particular financial year in which they
are issued.
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A fresh Form 15H needs to be furnished for each deposit that is placed with the
Bank
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A consolidated TDS Certificate in Form 16A, for TDS deducted during a financial
year will be issued in the month of April of the following financial year.
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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:
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SSLC marks card |
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LIC policy
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Voter ID card
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Pension Payment Order
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Birth Certificate issued by a Competent Authority
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Passport
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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.
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There is no need to create a separate CIF to avail of this product.
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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.
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