TDS Important Points, About TDS Return

  1. If investor's PAN is not updated with the Bank, bank will deduct TDS @ 20%.
  2. TDS will be deducted on total of interest earned on all FDs with all the branches of a bank taken together, in case the bank has core banking facility.
  3. Even if the TDS has not been deducted by bank, you need to include the income from fixed deposits in your tax returns and pay the tax as per your tax slab.
  4. TDS is also applicable on the interest accrued.
  5. If the bank has made TDS (deducted tax on the interest earned) but investor's tax liability is NIL, then he/she need to claim refund by filing your income tax return.

When is TDS Deducted?

TDS is deducted whenever the Bank pays/ re-invests interest during the financial year in accordance with the provisions of Income Tax Act as amended from time to time. Banks also deduct TDS on unpaid interest accrued at the end of financial year viz. 31st March.

When the Bank Issues a TDS Certificate?

Banks are required to issue TDS Certificate in Form 16A on quarterly basis within 15 days from the due date for furnishing the statement of TDS. The due dates of issuing TDS Certificates by banks have been given in the table given below:

TDS Deducted OnDue Date of TDS Certificate
Quarter ending June 30Before August 15
Quarter ending Sept 30Before November 15
Quarter ending Dec 31Before February 15
Quarter ending Mar 31Before June 15

Bank Tax Saving Fixed Deposit Scheme

Allahabad BankAllahabad Up Gramin Bank
Andhra BankAndhra Pradesh Grameena Vikas Bank
Andhra Pragathi Grameena BankArunachal Pradesh Rural Bank
Assam Gramin Vikash BankAxis Bank
Bandhan BankBangiya Gramin Vikash Bank
Bank Of BarodaBank Of India
Bank Of MaharashtraBaroda Gujarat Gramin Bank
Baroda Rajasthan Kshetriya Gramin BankBaroda Up Gramin Bank
Bihar Gramin BankCanara Bank
Catholic Syrian BankCentral Bank Of India
Central Madhya Pradesh Gramin BankChaitanya Godavari Grameena Bank
Chhattisgarh Rajya Gramin BankCity Union Bank
Corporation BankDcb Bank
Dena BankDena Gujarat Gramin Bank
Dhanalakshmi BankEllaquai Dehati Bank
Federal BankGramin Bank Of Aryavart
Hdfc BankHimachal Pradesh Gramin Bank
Icici BankIdbi Bank
Idfc First BankIndian Bank
Indian Overseas BankIndusind Bank
Jammu And Kashmir BankJammu And Kashmir Grameen Bank
Jharkhand Gramin BankKarnataka Bank
Karnataka Vikas Grameena BankKarur Vysya Bank
Kashi Gomti Samyut Gramin BankKaveri Grameena Bank
Kerala Gramin BankKotak Mahindra Bank
Langpi Dehangi Rural BankLaxmi Vilas Bank
Madhya Bihar Gramin BankMadhyanchal Gramin Bank
Maharashtra Gramin BankMalwa Gramin Bank
Manipur Rural BankMeghalaya Rural Bank
Mizoram Rural BankNagaland Rural Bank
Narmada Jhabua Gramin BankOdisha Gramya Bank
Oriental Bank Of CommercePallavan Grama Bank
Pandyan Grama BankPaschim Banga Gramin Bank
Pragathi Krishna Gramin BankPrathama Bank
Puduvai Bharathiar Grama BankPunjab And Sind Bank
Punjab Gramin BankPunjab National Bank
Purvanchal Gramin BankRajasthan Marudhara Gramin Bank
Saptagiri Grameena BankSarva Haryana Gramin Bank
Sarva Up Gramin BankSaurashtra Gramin Bank
South Indian BankState Bank Of India
Sutlej Kshetriya Gramin BankSyndicate Bank
Tamilnad Mercantile BankTelangana Grameena Bank
The Nainital BankTripura Gramin Bank
Uco BankUnion Bank Of India
United Bank Of IndiaUtkal Grameen Bank
Uttar Banga Kshetriya Gramin BankUttar Bihar Gramin Bank
Uttarakhand Gramin BankVananchal Gramin Bank
Vidharbha Konkan Gramin BankVijaya Bank
Yes Bank 
Disclaimer: The Saving Fixed Deposit Interest Rates keep on changing. You are advised to check the interest rates with banks before making your FD.      Source: Bank Websites