How to Download a Fixed Deposit Interest Rate Certificate?

Posted on Thursday, October 17th, 2024 | By IndusInd Bank

Fixed deposits are a popular investment. They offer good returns over time. However, if these returns exceed a threshold amount, they’re taxed. In that case, banks deduct the tax at source as per the Income Tax Act of 1961.

For investors, the Tax Deducted at Source (TDS) certificate is important. It shows the tax deduction at source and that can be claimed at the time of filing income tax returns.

This guide aims to simplify the process and describes how to download the Fixed Deposit Interest Certificate.

How to Obtain an Interest Certificate for a Fixed Deposit?

To download an FD (Fixed Deposit) Interest Rate Certificate from IndusInd Bank, you can follow these steps:

Through IndusNet

Log In: Access IndusNet by visiting the IndusInd Bank website and logging into your account with your credentials.

Navigate to Fixed Deposits: Once logged in, go to the ‘Deposits’ section. This might be labelled differently depending on the website updates, but it typically can be found under ‘Banking’ or ‘Accounts’.

Select the Fixed Deposit: Find the specific fixed deposit account for which you need the interest rate certificate.

Download Certificate: There should be an option to download the interest rate certificate. Look for links or buttons labelled as ‘Download Interest Certificate’, ‘Tax Certificate’, or something similar.

Through Mobile Banking App

Log In: Open the IndusInd Bank mobile banking app and log in using your credentials.

Access Deposits: Go to the ‘Deposits’ or ‘Accounts’ section in the app.

Select Fixed Deposit: Choose the fixed deposit account for which you want the interest rate certificate.

Download Certificate: Look for an option to download the interest rate certificate. This option might be available under a ‘Statements’ or ‘Documents’ section within the fixed deposit account details.

Visiting the Branch

Visit the Nearest Branch: Go to the nearest IndusInd Bank branch.

Request Certificate: Ask the branch staff to provide you with the Fixed Deposit Interest Rate Certificate. Carry your identification and account details for verification.

Collect Certificate: The bank staff will print the FD certificate. Or they may help you download it from their systems.

Also read: How to Calculate Fixed Deposit Returns: A Simple Guide

How is TDS on a Fixed Deposit Calculated?

You should be aware of the TDS rates that apply to this investment instrument before continuing with the TDS computation on the FD interest. These are the specifics:

For Indian residents, the TDS rate is 10%, and the interest threshold is set at ₹ 40,000. For senior citizens, this threshold amount is ₹ 50,000. However, the TDS rate jumps to 20% for those without a PAN card.

For NRIs, the TDS is 30%, plus surcharges and cess.

Now, let’s look at two examples of TDS for fixed deposits.

Imagine two one-lakh fixed deposits, each at 7%. The total interest income is ₹14,000, below the threshold. Thus, no TDS is deducted.

Now, consider a ₹10 lakh FD at 8%. The interest income is ₹ 80,000, which exceeds the threshold limit. Consequently, TDS is deducted.

You can also submit forms 15G and 15H (for senior citizens). This will stop your interest income from being subject to an upfront TDS deduction by the bank.

An essential certificate is the TDS certificate. This TDS fixed deposit certificate shows that you have paid income tax on the entire amount of interest you have received; tax on this will not be due when you file your ITR.

Curious about how much you can earn with a fixed deposit? Use the IndusInd Bank FD Rates Calculator to find the best rates and maximise your savings.

You can easily get a Fixed Deposit Interest Rate Certificate online from your bank. It helps you review your investments. If online access isn’t available, you can use customer support or in-branch services. Ready to secure your financial future with an IndusInd Bank Fixed Deposit? Open an FD account with IndusInd Bank today for high interest rates and flexible terms. Start planning for a secure financial future today!

Disclaimer: The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.