TDS deducted on interest of FD’s in Bank

I want to share with members my experiences related to TDS deducted by banks on FD. I have observed that banks are deducting more than just 10% on interest paid by bank and your matured value is far less than the actual maturity value . This is true for all those who are getting TDS deducted at source . The certificate issued by Bank shows 10% deduction but the amount you eventually get is much less and difference is manipulated by bank as their income / saving which is not shown anywhere . If any body is aware of this fraud I don’t mind discussing and proving what I am saying . Pl check your FD matured value and renewed value after TDS . If you study it you are loosing lot of money in banks thru FD under TDS only. However if there is no deduction then you are given full matured value .

Thanks
HLChhabra
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Helpful Connected Consumers (Delhi NCR) Jun 12

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SANKET AGARWAL

Dear Sir/Madam Please note our Email ID have changed. Please write to the new mail id sanket@spectra-vision.com Regards, Sanket more

Jun 14

Sudershan Raja

Mr. Chhabra, Interest is credited by banks in FD accounts on quarterly basis. The same is considered reinvested as per your option of reinvestment and banks pay the compound interest on maturity alongwith principle deposit amount. However, when bank has to deduct income tax on the interest amount credited to your account every quarter (when the interest payable per Fin.year is 10000 or more as per prevsiling Income tax rules) then the interest amount available for reinvestment withBank will be reduced by TDS amount deducted. So the amount of compounded interest so calculated on maturity is lower than the original maturity amount reported on FD by bank. So banks are paying correctly and the same can be checked from the account statement which clearly shiws the interest payable and tds deducted every quarter. BUT YOU MUST KNOW THE METHOD OF CALCULATION OF INTEREST .BY BANKS. more

Jun 14

SANKET AGARWAL

Dear Sir/Madam Please note our Email ID have changed. Please write to the new mail id sanket@spectra-vision.com Regards, Sanket more

Jun 14

Subhash Ahuja

Mr. Sanket Agarwal, individual members of local circles do not have control over email ids of other members. I suppose you have to get it corrected through local circles only. more

Jun 14

Arun Patro

Some banks display maturity value and TDS in different transaction. Still calculation is not clear. more

Jun 14

Subhash Ahuja

We individually should point out to the concerned banks about such gaps so that at least the same could be corrected for future. more

Jun 14

SANKET AGARWAL

Dear Sir/Madam Please note our Email ID have changed. Please write to the new mail id sanket@spectra-vision.com Regards, Sanket more

Jun 13

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