Clarification regarding SFT-005

This query is : Resolved

K.V.Krishnaswamy

K.V.Krishnaswamy (Querist)
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25 November 2022 I invested Rs.15.00 lakhs in Bank Fixed Deposits in 2019. Now the Bank term deposit Interest rates have been revised upwards. If I ask the Bank to preclose my deposits and open new fixed deposits for the same amount of Rs 15.00 lakhs to avail higher rate of interest, will the same be reflected under STF in Form 26AS? My doubt is because I am not making any fresh Fixed deposits.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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25 November 2022 Yes, it will be reflected, but you can justify its renewal, so no need to worry for its reporting.

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