Bank fd

This query is : Resolved

gresa (Querist)
Follow

28 March 2015 i opened fixed deposit sbi in 2009 for 30000 9% interest. quarterly i received interest from bank in my saving account. after maturity. jan 2015 i closed fd but i received only 12000 from bank. as a principal amount . i asked bank they telling tds deducted.i complained to customer care but no use. why bank deducted my principal amount . is bank correct or they cheated me. please please help me . thanks in advance

CA. SHIVA SHANKARA R. SHETTY

CA. SHIVA SHANKARA R. SHETTY (Expert)
Follow

30 March 2015 The bank is correct. Actually, TDS shall be deducted from the interest portion, when they crediting to your account.

But, the bank fails to deduct the tds at the time giving credit of interest. Therefore, it deducted the entire tds amount from the principal.

I think, you read the terms and conditions of the FD. It may consists the clause that, any shortage of tds amount can be recovered from your principal portion or from your account.

Message likes : 1 times