How to calculate maturity value of fdr
Dear All
How to calculate maturity value of FDR?
Thank You
Replies (4)
Hello
Maturity value is mentioned in FDR certificate....
I know that but here the bank is deriving maturity value like this
Net maturity=principal+gross interest-tds-interest on tds.
I dont know why bank is calculating interest on tds
if the interest income derived is more than 10,000 per year TDS is appicable at the rate of 10% and only the balance will be credited to your account on maturity..
However Maturity value to be mentioned in the FD receipt should be the gross interest payable at applicable interest rate.
Interest on TDS is there problem -if they have filed TDS return late. It should not be deducted from Interest of FD. You can take objection to it. You can tell the bank to reimburse the Interest on TDS otherwise file an appeal with consume court. You will get justice within 6 months along with compensation for harrasement and further interest on interest.
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