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• In the case of Fixed Deposits and Cash Certificates, applicable TDS will be deducted from the interest credited to operative account/ term deposit periodically.
• Income tax will be deducted as per the law applicable and if the depositor‘s total income including the interest earned on deposit does not come under the purview of income tax, 15H/15G has to be submitted by the depositor to the branch after opening the term deposit and at the beginning of the Financial Year in the subsequent Financial Years.
• With effect from 01 July 2011, for opening term deposit exceeding Rs. 50,000/- with the bank, it is mandatory to quote Permanent Account Number (PAN) of the customers or submit Form 60/61, duly signed.
• In case the customer has no PAN number In the absence of PAN, Form 15G/H and other exemption certificates will be invalid even if submitted & penal TDS will be applicable.
• As per section 206AA introduced by Finance (No. 2) Act, 2009 effective April 01, 2010, every person who receives income on which TDS is deductible shall furnish his PAN, failing which TDS shall be deducted at the rate of 20% in case of Domestic deposits
• Kindly visit your Federal Bank branch with your PAN card (original & copy) to get the same updated on the bank accounts.
• You can also apply for PAN through Federal Bank Branches.