Is TDS applicable on fixed deposit?

If your fixed deposit earns interest more than Rs 10, 000 a year tax is deduction at source at the rate of 10%. If your income is not in the taxable limit you should furnish form 15 G (15 H for senior citizens) while opening the term deposit and also at the start of the next financial year. If PAN details are not provided to the bank TDS will be at the rate of 20%.

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