I have bank accounts with various branches of the same bank. When will TDS be applicable to the interest income earned from these bank accounts?

February 20, 2024 13:20

In case of Savings Bank Account:
TDS is not applicable to interest earned on such deposits.

In case of Time Deposits [i.e. Fixed Deposits (FD) or Recurring Deposits (RD)]:

TDS is applicable subject to following limits: -

Rs. 50,000 if the person is senior citizen; otherwise
Rs. 40,000.

It is to be noted that the above limit will be applicable and computed for the bank as a whole when it follows the Core Banking System (CBS). Otherwise, this limit will be applicable on a branch-wise basis.

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