Frequently Asked Questions Cards
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Is it mandatory to submit my PAN Card for booking an FD?
If your PAN Card is submitted at the time of opening a Savings Account, it is not required again. However, if you don’t have a PAN, you will have to submit Form 60.
What are the implications of booking this deposit without a PAN card?
If you open Fixed Deposit without a PAN Card, these are the following implications for customers:
- TDS will be recovered at 20% (as against 10%).
- NO TDS credit from the Income Tax department.
- NO TDS certificate will be issued (As per CBDT circular no: 03/11).
- Form 15G/H and other exemption certificates will be invalid and penal TDS will apply
How is the interest calculated on an FD scheme?
Interest on deposits are calculated either as simple interest, or compound interest in case of re-investment. You can use our Fixed Deposit interest calculator to understand the returns you might receive.
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