Tds on rd interest accrued in banks

Rajeesh (Administrative Officer) (24 Points)

03 July 2016  
For financial year 2015-16 my bank has deducted 10 percent TDS on the interest accrued on my Recurring deposit for that year even though maturity date of that RD is in financial year 2018-19.(I had opted for pay back of principle and its interest on maturity date at the time of opening the RD account). So the accrued interest was not credited to my account that year and will be credited only on maturity date. Please let me know whether the deduction of TDS was as per existing income tax laws.