Abnormal Amount under SFT-005 in AIS

Save Share

This query is : Resolved

Quick Summary

An SBI customer noticed a large amount reported under SFT-005 for Time Deposits, despite not purchasing any Fixed Deposits. It appears the bank's system automatically creates Multi-Option Deposits (MODs) by sweeping funds from their savings account when the balance exceeds a threshold. These MODs are essentially a form of auto-created Fixed Deposits. The advice given is that bank statements will contain evidence of these MODs, and in the unlikely event of an inquiry, these statements can be used to clarify the situation.

ravi shankar

ravi shankar (Querist)
Follow

08 September 2025 I have not purchased any Time Deposit (FD) in SBI where I have a Savings Bank/ Pension Account. The system has been creating Multi Option Deposits by Sweep function whenever the balance exceeds a threshold of Rs 5000 or so..Maybe (I'm not sure) because of this an amount of more than Rs 50 lakhs has been shown as spent on Purchase of Time Deposit under SFT-005 of the AIS. In any case I have not purchased a Time Deposit at all on SBI. The online information under Deposits of SBI does not show purchase of such deposit. There is no mention in the Interest Certificate also. What should I do? Can someone please guide me? Thanks and Regards

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

08 September 2025 No need to do anything, Your bank statement has all the evidence of formation & redemption of MOD, which in banking terms are another form of (auto) FDs. Though very rare chance; but in case of any query you can provide the details of the FDs through your savings account statement.

ravi shankar

ravi shankar (Querist)
Follow

09 September 2025 Thank you Sir for your prompt response. You have understood the issue and summed it up well. You have also correctly guided me in the past and I value your advice tremendously. My Regards Sir.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

20 September 2025 You are welcome.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!