Is there Tax Deducted at Source (TDS) on fixed deposits?

Yes. The government is increasingly tightening TDS norms on fixed deposits. At the time of opening the deposit, make a rough calculation of which tax bracket you are likely to fall in for the year. If it is high, provide the Bank with your PAN so that they can deduct TDS. Make sure you collect the TDS certificate at the end of the year, and account for it while filing tax returns.

If you fall below the tax bracket and are unlikely to have tax liability for the year, fill form 15H at the Bank and hand it over. This way, they will not deduct TDS on your interest.

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