TAX on FD. Done by unemployed student who got money from family.

If the money is given to you by your parents and you have no source of income then the income will be clubbed to your parents income whose income is higher.

Interest income from Fixed deposit is taxable as " Income from other sources"
As you have only this income, So, if interest comes to less than 5,00,000 than there is no tax Liability after rebate u/s 87A.

btw I don't think any FD give 3.5% to 4% return in every 45 days period....
Which type of FD is this...? 😉