Fixed Deposit interest rate certificate

Fixed deposit is a popular investment option that enables individuals to earn notable returns on their deposits over a pre-set tenor. However, the amount one earns from this investment comes under taxation if it exceeds the minimum income threshold.

In this case, financiers charge a TDS according to the norms of the Income Tax Act of 1961. You can get a Bajaj Finserv TDS certificate on fixed deposit that will include the required information regarding this deduction, and you can get a better understanding.

Read on to know more about TDS on fixed deposits.

How to download Bajaj Finserv TDS certificate on fixed deposit

Following is a brief guide on downloading the TDS certificate on a fixed deposit from Bajaj Finserv.

  • Using the Bajaj Finserv customer portal

You can quickly download your TDS certificate on fixed deposit via Bajaj Finserv’s customer portal. Here is a step-by-step guide –

Step 1: Log in to Bajaj Finance Customer portal using the required credentials

Step 2: Go to the ‘Fixed deposit’ section and find the ‘TDS enquiry’ section

Step 3: Provide the financial year for which you are availing this certificate

Step 4: Download the final document

Besides the Experia portal, you can also use its mobile application to obtain this certificate

  • Using the Bajaj Finserv customer care

You can also get the TDS certificate through customer care by contacting the helpline number and asking for assistance. The representative will inform you and send the document via email.

How to calculate TDS on fixed deposit?

Before moving on to the TDS calculation on FD interest, you should know the TDS rates applicable on this investment instrument. Here are the details:

  • For resident Indians

This rate is 10% for a total interest income of up to Rs. 40,000, and for senior citizens, the upper limit of annual interest income is Rs. 50,000. However, for individuals who do not have a PAN card, this rate increases to 20%.

  • For Non-resident Indians

The TDS rate for NRIs stands at 30%, including additional surcharges and cess.

Moving ahead, here are two examples to demonstrate the TDS calculation of fixed deposits.

You have two fixed deposits of Rs.1 lakh at 7% each. In that case, after a year, your total interest income will be Rs.14,000, which is below the total interest income mark. Hence, financial institutions will not deduct TDS against it.[6]

On the other hand, you have an FD of Rs.10 lakh at an interest rate of 8%. Therefore, your total interest income for that year will be Rs.80,000, which is over the upper limit of Rs.40,000. Thus, a financial institution will deduct TDS against it.

A point to note here is that if you want to avoid upfront TDS deduction on your interest income, you can submit the 15G form and 15H form for senior citizens.

A Bajaj Finserv TDS certificate is a vital document, as it reflects that you have paid income tax on your total interest income, and it will not be applicable during ITR filing.

Frequently asked questions

Is interest on fixed deposits exempt from income tax?

Exemption on the interest income of a fixed deposit is only available if your total interest income for a financial year is less than Rs.40,000 and Rs.50,000 for senior citizens. Otherwise, you are liable to pay Bajaj Finserv TDS on FD interest at 10%.

How to check my status of TDS on FD with Bajaj Finserv?

You can check your Bajaj Finserv TDS status using the Experia customer portal and through customer care.

How to claim a TDS refund on FD?

You can claim your TDS refund on the interest income against fixed deposits while filing your ITR. The difference between the applicable income tax amount and the final payable amount will be credited once your ITR is processed. Additionally, it is important to include your bank account details and IFSC code along with ITR to complete this process without any hiccups.

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