Fixed Deposit FAQ

Can the bank deduct tds

Can the Bank deduct TDS on the FDs booked?

  • Can the Bank deduct TDS

YES, the entity would need to submit either Form 15G OR Certificate of Tax exemption issued under Section 197 of Income Tax Act, 1961.However, PAN would be mandatory. In absence of PAN, Form 15G and other exemption certificates would be invalid & penal TDS would be applicable

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