TDS rate on deposits

unnikrishnan P (Tax Practitioner) (212 Points)

24 January 2025  

Sir..

My bank have deducted TDS u/s 194A on deposits. They deducted 15.7% on the internet portion upon maturity. I came to know that the rate of deduction is 10% as per the Act. I receive no response from the banker even after repeated requests. Kindly let me know the logic behind 15.7%. pls help.

Regards