Your opinion plz..

I seek opinion of banking expert on an issue related to banking operation more particularly on Fixed Deposit. The brief is:

1. Say Principal amount : x
2. Amount of maturity as stated in the FDR : y
3. Amount deducted as TDS: z
4. Amount that would be credited to the customer's a/c: ??

In my view, the amount that would be required to be credited to the customer a/c should be= y-z
However, a customer has reported that on maturity the amount that was credited to his a/c was short of the (y-z) by few hundred rupees. I have checked his FDR and statement of a/c and TDS.

Can anyone having expertise in banking operation update me with his/her views. more  

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Dear Mr. Yashwant Singh, Exactly my post was with this view. Quoting your example with figures, the net amount being paid by the bank is something Rs. 1,08700 or so but definitely not 1,09,000/- .

Idea of the post was to ascertain whether other members are also facing the similar problem. They can check their FDRs to see for similar discrepancy. If every body is facing the same, the matter can be taken up with RBI or even class action suit. more  
please check carefully Principal Amount, Interest and TDS Amount.
Let's Assume....
Principal amount= 1,00,000/-
Interest = 10,000/-
TDS@10% = 1,000/-
Net receivable = 1,00,000+10,000-1,000=1,09,000/-

If any diffrence in above view then contect bank branch and take clearification from branch. more  
Application of TDS percentage may vary with the amount. Pls check the percentage of TDS applied by the bank.
Regards Gopender

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> On 02-Aug-2014, at 3:12 am, S K Virmani <support@localcirclesmail.com> wrote:
>
>
>
>
> S K Virmani (Expert)
> S K Virmani (Expert) posted a message in "Sharing Consumer Experiences in Delhi/NCR".
> Subject: Your opinion plz...
> I seek opinion of banking expert on an issue related to banking operation more particularly on Fixed Deposit. The brief is:
>
> 1. Say Principal amount : x
> 2. Amount of maturity as stated in the FDR : y
> 3. Amount deducted as TDS: z
> 4. Amount that would be credited to the customer's a/c: ??
>
> In my view, the amount that would be required to be credited to the customer a/c should be= y-z
> However, a customer has reported that on maturity the amount that was credited to his a/c was short of the (y-z) by few hundred rupees. I have checked his FDR and statement of a/c and TDS.
>
> Can anyone having expertise in banking operation update me with his/her views.
> Reply Reply to this email to post a comment.
>
> If you believe that this post is inappropriate for this Circle, report it.
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> LocalCircles, Inc., 1556 Halford Ave., Suite 290, Santa Clara, CA USA 95051.
> 107 Urbtech Matrix Tower, Plot No. B-4, Sector - 132, Noida, India, 201304.Privacy Policy. more  
For eg.
FD No. Principle Time period ROI Interest TDS Maturity Amt.
1 300000 3 months 8% 6000 Nil 306000
2 300000 3 months 8% 6000 600 304800

On maturity of 2nd FD TDS on FD no 1 will also be deducted because now total interest is 12000/- more  
Mr. Virmani, Yes it could happen because Bank deduct TDS only if interest income is more than 10000/- during a financial year. if TDS has not been deducted on previous FD because of interest less than 10000/- then TDS on last interest will also be deducted on maturity of new FD (in case total interest becomes more than 10000/-). more  
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