SBI RD Scheme 2019-20: Recurring deposit is a special type of fixed deposit offered by banks that helps regular income people to deposit a fixed amount in their recurring deposit account every month and the rate applicable to fixed deposits Earns interest on.
In a periodic interest payment option, SBI will transfer the interest earned at each interval (eg, quarterly) to your bank account. Interest will remain the same throughout the life of the deposit. Upon the maturity of RD, you will transfer the principal amount to your bank account until the deposit is renewed.
If you opt for SBI cumulative deposit, on maturity you will get a credit for the net of TDS and interest earned net. Calculate the RD maturity amount using the RD calculator.
In all the branches of SBI, the bank will have to deduct TDS at the rate of 10.3% if the interest earned by you in one year is more than 10,000. If your IT PAN is not updated in SBI records, it will have to deduct TDS twice at 20.6%. So, don't forget to update your PAN on your RD.
We have not yet done it was only TDS. Now, you have to add all your SBI RD and other RD interest income to your taxable income for the year
. Income tax is payable on this income, depending on your tax bracket. You have to estimate interest income and all your other income and based on this, pay advance tax on the dates of advance tax payment (15 September, 15 December, 15 March and 31 March).
SBI will also issue you a Form 16A giving details of RD interest and tax deposited from the Government treasury thereon. The TDS amount deposited by the bank with the Income Tax Department can be verified online in your 26AS statement on the IT department website or through your net banking account. You can claim credit for the TDS amount in your annual income tax return.
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