A bank deducts 10% TDS if the interest payable on a customers fixed deposit exceeds ₹50,000 ( ₹1 lakh for senior citizens) in a financial year. A customer must submit Form 121 to avail a TDS exemption. However, interest must still be declared at the time of filing the ITR.
Earning FD interest? Why you should submit Form 121 - TDS provisions explained
livemint.com - 13 Jun 2026 10:00
A bank deducts 10% TDS if the interest payable on a customers fixed deposit exceeds ₹50,000 ( ₹1 lakh for senior citizens) in a financial year. A customer must submit Form 121 to avail a TDS exemption. However, interest must still be declared at the time of filing the ITR.
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