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Is TDS deductible on the interest earned on term deposits?

For Fixed Deposits/ Money Multiplier Deposit/ Recurring Deposits, TDS is not applicable on the interest earned up to Rs. 10,000 under Section 194A. However, TDS will be applicable if the interest received or likely to be received, during the financial year, exceeds Rs. 10,000.

 

All customers, other than company, firm, co-operative society or Non Resident who do not have taxable income can submit a self-declaration in the prescribed Form 15G/ 15H for the purposes of availing TDS exemption under Section 193 and Section 194A of the Act in accordance with the provisions of Section 197A.

 

Following are the limits for accepting Form 15G/ 15H. In case the limits are breached then Form 15G/ 15H shall not be accepted.

 

Category

Form

Age

Threshold exemption limit (Rs.)

Individual

15G

Less than 60 years

2,50,000

Senior Citizen Resident of India

15H

Less than 80 years but more than 60 years during the year

3,00,000

15H

Equal to or more than 80 year during the year

5,00,000

 

The customer can visit the nearest ICICI Bank branch for the generation and submission of the pre-filled Form 15G/ 15H. They can also download the pre-filled Form 15G/ 15H from the logged in section of Internet Banking and submit the same at the nearest ICICI Bank branch Such form or tax exemption certificate has to be submitted every financial year for each term deposit held and on each renewal of the deposit.