1. Tax at source is deducted as per the Income-Tax regulations prevalent from time to time.
2. Interest on Cumulative Deposit is exempt from the purview of TDS.
3. If you are eligible and wish to avail TDS exemption, submit Form 15 G / H duly mentioning thereon your PAN details, without which it would be invalid.
4. TDS at applicable rate OR 20% whichever is higher is deducted where PAN is not registered with Bank.
5. TDS will be deducted on the interest paid or accrued or likely to accrue during a financial year.
6. Interest earned on term deposits with all our Branches in India is aggregated to arrive at TDS eligibility.
7. PAN is a pre-requisite for opening term deposits of =>Rs.50,000 in aggregate.
8. Prevailing TDS rate for Individuals / Firms / Domestic Company is 10%, where Interest paid or occurred or likely to be paid for the year exceed Rs 10,000."