How can I avoid TDS on FD interest?

If your total income is below the taxable limit, you can submit Form 15G (or Form 15H if you're a senior citizen) to the bank to prevent TDS deduction, even if interest crosses the threshold.

Can I claim back TDS that was deducted?

Yes — TDS deducted is reflected in your Form 26AS and can be claimed as a credit against your total tax liability when filing your income tax return.

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TDS Calculator (FD/RD Interest)

Banks deduct TDS once your interest income from all deposits with them crosses the annual threshold — see what that looks like.

Interest details

Total annual interest (all deposits, same bank) ₹55,000

Senior citizen?

PAN on file with the bank?

TDS deducted

₹0

Interest above threshold₹0

Net interest credited₹0

How TDS on deposit interest works

TDS threshold: ₹40,000/year (non-senior citizen), ₹50,000/year (senior citizen), per bank
TDS rate: 10% with PAN on file, 20% without PAN, applied on the interest above the threshold... actually on the full interest once it crosses the threshold

Once your total interest from all deposits with one bank crosses the threshold in a financial year, the bank deducts TDS on the entire interest amount (not just the portion above the threshold). You can avoid TDS by submitting Form 15G (or 15H for senior citizens) if your total income is below the taxable limit.

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Figures are estimates for planning purposes only and do not constitute tax advice.