Withholding Tax in India

Any payer deducting an amount directly from its payee’s earning is referred to as Withholding tax. By law, the payer is obliged to deduct the amount at the time of making the payment on account of a Non-Resident Individual. Let’s learn about withholding taxes in further detail.

What is Withholding tax

Withholding tax is similar to Tax Deducted at Source (TDS). Withholding tax also known as retention tax is another terminology used for TDS. It is deducted by the payer directly from its payee’s earning. This tax is then deposited as part of the Non- resident individual’s tax liability to the Central government of India. The central government of India is an official body to levy and collect taxes.

For better understanding, TDS has to be paid by Residents, and withholding tax is to be paid by Non-resident individuals only on income earned in India.

Example: Mr. Rohan is an NRI and is working as a freelancer with Mr. Shah & Co. in India. Mr. Rohan has earned INR 95000 by providing his services. Now, while making the payment Mr. Shah & Co. will credit INR 90000 to Mr. Rohan’s account and deduct INR 5000 as withholding tax.

Rates of Withholding tax in India

Following are the rates applicable for Non- Resident Indian individuals:

  • 20% Interest rate is applicable for dividends paid by domestic companies
  • 10% rate is applicable for technical services are charged
  • 10% rate is applicable for other services
  • Individuals are charged 30% rate of the Income
  • Companies are charged 40% rate of the Income
  • No tax charged for royalties

Note: The above stated rates are applicable on those countries with whom India does not have a double taxation avoidance agreement.

Process of doing an assessment for Non-resident Indians

Assessment of Non- Resident Indians can be done by an agent or even directly. A person who is considered as ‘agent‘ of a non-resident assessee is as under:

  • Employee or trustee of a Non-resident Indian
  • Any individual who has any business connection with a Non-resident
  • Any person through whom a Non-resident is receiving any income
  • Any person who has acquired or purchased any capital asset in India from a Non-resident.

Due date of Filing returns

The returns for withholding of tax are filed quarterly, and it includes details about every payee and amount deducted for that particular quarter.

Following are the dates of filing the returns for every quarter:

Quarter Months Due Dates
Q1 April – June July 15th, 2021
Q2 July – September October 15th, 2021
Q3 October – December January 15th, 2021
Q4 January – March  May 15th, 2021

Due date of depositing payment

Following are the due dates of making payments of withholding tax:

Month End of Quarter Withholding Tax Payments Due Date – Government  Withholding Tax Payments Due Date – Non- Government 
January 31st March 7th February 7th February
February 31st March 7th March 7th March
March 31st March 7th April 30th April
April 30th June 7th May 7th May
May 30th June 7th June 7th June
June 30th June 7th July 7th July
July 30th September 7th August 7th August
August 30th September 7th September  7th September 
September 30th September 7th October 7th October
October 31st December 7th November 7th November
November 31st December 7th December 7th December
December 31st December 7th January 7th January

FAQs

What is the difference between TDS and withholding tax?

TDS is applicable while making payments to Indian Citizens while Withholding tax is applicable while making payments to foreign individuals.

What is the rate of withholding tax in India?

Following are the rates applicable for Non- Resident Indian individuals:
1. 20% Interest rate is applicable for dividends paid by domestic companies
2. 10% rate is applicable for technical services are charged
3. 10% rate is applicable for other services
4. Individuals are charged a 30% rate of the Income
5. Companies are charged 40% rat of the Income
6 . No tax charged for royalties

When should I make payment for withholding tax?

Withholding tax payment has to be done on the 7th of every month. While returns are to be filed within 30 days from the ending of every quarter.

Sharekhan: Create an account and Log in, Download ledger, Tax P&L Report and Contract note

To understand your trading activity and the income tax compliances, you need certain documents like Tax P&L, Contract notes, Holding Statement, etc. But, before you get any of these documents you first need to have a Sharekhan Demat account and log in.

This article will guide you through the following:

How to Create and Log in to Sharekhan?

  1. Visit the Sharekhan website

    Click on Open an account. You can access it here.

  2. Click on Open trading account

    As seen below:

  3. After that, fill in your details

    Including:
    -Name
    -Email id
    -Mobile number
    -Location
    -Pincode

  4. Next, click on Open trading account

    As seen below:

  5. Online process of account opening is completed

    Finally, the process is offline from here.

  6. A sales representative will shortly contact you

    After that, will require documents such as:
    -Self-attested PAN
    -Self-attested Aadhaar
    -Passport size photo
    -Canceled cheque or bank passbook to link with your account

  7. Finally, once your documents get processed, your account will get activated.

    You will receive a notification for the same.

8. Sharekhan login

Once your account is activated, navigate to the website and enter your user id and password and click on login.

How to download Ledger for Sharekhan traders?

Here’s how you can download the ledger from your account:

  • Step 1: Log in to Sharekhan portal
  • Step 2: Click on Reports
  • Step 3: Select the ledger of any segment that you want to view. Eg: Equity Ledger Summary
  • Step 4: From the options, click on Equity Ledger Summary
  • Step 5: Select the necessary filters. Click on Show. You can now view your Ledger summary.
  • Step 6: Click on the excel sheet to download the ledger. You can view it from your PC

How to download Tax Profit and Loss Report?

  • Step 1: Log in to the Sharekhan portal and login to your account.
  • Step 2: Search for Scrip summary. You can do this from the search bar. You can view the scrip summary separately for all the segments i.e Equity or F&O.
  • Step 3: Now you can now view your Scrip summary from the dashboard
  • Step 4: Click on the Excel sheet. Click on download your scrip summary

How to download Contract notes for Sharekhan traders?

  • Step 1: Visit the Sharekhan portal and click on the “Login/Trade” option
  • Step 2: Next, you will be redirected to the login page. Enter the login ID/e-Mail ID and click on the “Next” option. Then fill in the “Membership Password” in the respective field.
  • Step 3: After you log in, click on the “Reports” option and select this from the dashboard
  • Step 4: Next, click on the “Contract Tracker” option from under the particular column. Select which Contract Note you wish to view/download.

FAQs

How does the Tax profit and Loss Statement help me?

This statement is used to calculate your Tax liability. Therefore, it is needed to file ITR 3.

What is the difference between Trading and Demat account?

A Demat account holds securities and certificates of stocks, shares, etc electronically while a Trading account lets you buy or sell those securities in the stock market.

Is Trading Turnover same as Contract Turnover?

No. The Contract Turnover is the sum of the purchase value and sales value. It is not considered for income tax purposes. However, the Trading Turnover or Business Turnover is the absolute profit i.e. sum of positive and negative differences. Hence, this turnover is considered to determine the applicability of the tax audit and the applicable ITR form. Therefore, Trading Turnover is different from Contract Turnover.

Kotak Securities: Create an account and Log in, Download Holding Statement, Tax P&L Report, and Ledger

To understand your trading activity and the income tax compliances, you need certain documents like Tax P&L, Ledger, Holding Statement, etc. But, before you get any of these documents you first need to have a Kotak Securities Account and log in.

This article will guide you through the following:

How to Create and Log in to Kotak Securities?

Here’s how you can open a trading account online with Kotak Securities by following these steps:

  1. Visit the Kotak Securities website.

    You can access it from here.

  2. Fill in your details.

    Such as your Name, Mobile Number and City.

  3. Click on Open an account now

    As seen below:

  4. A sales representative from Kotak Securities will contact you on your registered number.

    They will take it from there.

  5. During the IPV there are documents required by the sales representative.

    These include:
    – Self-attested PAN copy;
    – Self-attested Aadhaar copy;
    – Passport size photo;
    – Bank account details that are to be linked with the Demat account;
    – And, the signature of the account holder will also be required.

  6. Once these documents are verified your account will open.

    You will receive a confirmation for the same.

  7. Kotak Securities login

    Once your account is activated you can navigate to the website and log in

Promo Code
Tax Compliance for Kotak Securities Trader
Are you an Equity, Intraday, F&O or Commodities Trader? Upload your Tax P&L and file Tax Return online
[Rated 4.8 stars by customers like you]
Tax Compliance for Kotak Securities Trader
Are you an Equity, Intraday, F&O or Commodities Trader? Upload your Tax P&L and file Tax Return online.
[Rated 4.8 stars by customers like you]
Promo Code
Kotak

How to download Holding Statement for Kotak traders?

Here’s how you can download the Holding Statement from your account:

  • Step 1: Visit the Kotak Securities portal and log in by entering the required details.
  • Step 2: Click on Reports. Select the DP Holdings option from the dashboard
  • Step 3: Next, click on the download option. It is located at the bottom of the page
ITR for Intraday and F&O Traders
CA Assisted Income Tax Return filing for Individuals and HUFs having income form Intraday Trading and F&O Trading.
[Rated 4.8 stars by customers like you]
ITR for Intraday and F&O Traders
CA Assisted Income Tax Return filing for Individuals and HUFs having income form Intraday Trading and F&O Trading.
[Rated 4.8 stars by customers like you]

How to download Tax Profit and Loss Report?

  • Step 1: Visit the Kotak Securities portal and log in to your account by entering the required details.
  • Step 2: Next, the top bar go to “Reports“. Select “Trades”
  • Step 3: The Trading report is now displayed. There is an option to download the report. To download click on the “Down arrow” and choose “Excel
  • Step 4: The file will be downloaded on your PC under the Downloads section.
Import Your Trades
File ITR Online

India’s fastest growing Tax Filing Platform

[Rated 4.8 stars by customers like you]

Import Your Trades

File ITR Online

India’s fastest growing Tax Filing Platform

[Rated 4.8 stars by customers like you]

How to download Ledger for Kotak securities traders?

  • Step 2: Go to Services. Next, click on Account services
  • Step 3: Click on View my ledger
  • Step 4: Select the necessary filters and Click on Go. Click on NSE for details
  • Step 5: You can now view your Ledger Entries
Income Tax Calculator
Calculate income tax liability for FY 2020-21. Compare tax liability as per New vs Old Tax Regime.
Explore
Income Tax Calculator
Calculate income tax liability for FY 2020-21. Compare tax liability as per New vs Old Tax Regime.
Explore

FAQs

How does the Tax profit and Loss Statement help me?

This statement represents your trading profits and losses and is used to calculate your Tax liability. Therefore, it is needed to file an ITR 3.

What is the difference between Trading and Demat account?

Demat accounts hold securities and certificates of stocks, shares, etc electronically while a Trading account lets you buy or sell those securities in the stock market.

Can I have 2 trading accounts?

Yes. An Individual can have as many trading accounts as they want. Additionally, you can link the same bank account with different trading accounts. However, you can’t have multiple accounts linked with the same broker.

RBL Bank: Net Banking Registration, Login, Reset Password, Download Bank Statement, Tax Payment & e-verify ITR

The Government of India has built an infrastructure that will help in smoothening the tax filing and compliance process online via net banking login from selected banks such as by RBL Bank net banking. This article will guide you in the following:

How to Register for RBL Bank Internet Banking?

You can activate the Internet banking service on your RBL Bank account by following these steps:

  • Step 1: Visit RBL Bank’s official Internet banking website
  • Step 2: Click on Register
  • Step 3: Select the mode of registration. Enter the verification code and click on Submit.
  • Step 4: You will receive an OTP on your registered mobile number. Enter the OTP
  • Step 5: Set your security question and your login id password
  • Step 6: Your internet banking is now activated

How to Login to RBL Bank Internet Banking?

Here’s how you can login to your RBL bank’s net banking:

  • Step 1: Visit RBL Bank’s official Internet banking website
  • Step 2: Enter your user id, password, OTP and captcha code. Click on Login.
  • Step 3: You will now be able to access the internet banking services of RBL Bank

How to Reset net banking login using Forgot Password?

Here’s how you can reset your Internet banking password:

  • Step 1: Visit RBL Bank’s official Internet banking website
  • Step 2: Click on Forgot password
  • Step 3: Enter your user id and click on generate OTP.
  • Step 4: Enter the OTP received on your registered mobile number and answer your security question set before
  • Step 5: Set your new password. Re-enter your new password. Click on submit.
  • Step 6: Your net banking password has been reset

How to Download account Statement?

Here’s how you can download the account Statement:

  • Step 1: Visit RBL Bank’s official Internet banking website
  • Step 2: Enter your user id, password, OTP, and captcha code. Click on Login.
  • Step 3: Click on the account statement
  • Step 4: Select the date range and transaction type based on your requirement
  • Step 5: Click on the PDF button to download the statement

How to make Direct Tax Payments through net Banking Online?

The Income Tax department has built an infrastructure to collect taxes online via net banking/ Debit cards from selected banks. You can pay your direct taxes online using your Bank Account by following these steps:

  • Step 1: Visit the TIN-NSDL portal and hence, click on Services > e-Payment: Pay Taxes Online
  • Step 2: Select the necessary challan as per your tax liability. Click on Proceed. Select the necessary challan by reading the following:
    • TDS/TCS SectionTax Deducted at Source (TDS) and Tax Collected at Source (TCS) section refers to as:
    • Any tax collected while making any specified payments such as rent, commission, salary, interest, etc.
    • Any tax collected by the seller at the time of sale
    • If you have paid TDS or collected TCS then you need to look for challans under TDS/TCS Section
TDS Calculator
TDS (Tax Deducted at Source) is a part of Income Tax. TDS should be dedcuted by a person for specific payments made.
Explore
TDS Calculator
TDS (Tax Deducted at Source) is a part of Income Tax. TDS should be dedcuted by a person for specific payments made.
Explore
  • Non-TDS/TCS Section- Challans that are not regarding TDS or TCS are found under Non- TDS/TCS Section. Any type of Tax that doesn’t involve TDS or TCS has to be paid by challans mentioned under the Non- TDS/TCS Section.
    • Challan 280 of the Income Tax Department- Challan 280 is a much easy way to pay your advance tax, regular assessment tax, self-assessment tax, Surtax, etc. online in a few simple steps.  
  • Step 3: Enter the required details
    • Type of Tax Applicable
    • Type of Payment
    • Mode of Payment (Net Banking or Debit Card)
    • Select the name of the Bank from a drop-down
    • PAN Number
    • Assessment year
    • Address
    • Email id
    • Phone number

Enter the captcha code and click on Proceed.

  • Step 4: Finally, your challan has been created. Verify the details inserted. Check the Tick box click on Submit to the bank.
  • Step 5: You will be redirected to the RBL Bank portal. Select the type of user and click on the mentioned link.
  • Step 6: Lastly, log in to your Account and verify Challan details. Click on Continue.
  • Step 7: Enter the OTP received on the registered mobile number to complete the transaction.

How to e-verify ITR using RBL Bank net Banking?

The process of filing your Income Tax Return is not complete until you e verify your ITR. E-Verification should happen within 120 days of e-filing your ITR.

Here’s the step-by-step process to e-verify ITR using net banking:

  • Step 2: Subsequently, click on the “View Returns/Forms” option
  • Step 3: Click on the “Returns pending for e-Verification” option
  • Step 4: Next, click on the option to e verify the ITR
  • Step 5: Generate an EVC through Net banking
  • Step 6: Select the RBL Bank option and log in using the net banking credentials
  • Step 7: Click on ‘Income Tax e-Filing’ in the Operating Account Section
  • Step 8: Finally, enter your Account Number & PAN with which you want to e verify ITR. After this click on the Submit button
  • Step 9: Click on “Login into e-Filing
  • Step 10: Lastly, You will be redirected to the income tax e-filing portal where a pop-up message will appear. Click on the option to continue

Your ITR is successfully verified and you can download an attachment.

Track Your ITR Status
Check your Income Tax Return Status using the PAN and Acknowledgment number - which is allocated by the Income Tax Department after filing your ITR.
Explore
Track Your ITR Status
Check your Income Tax Return Status using the PAN and Acknowledgment number - which is allocated by the Income Tax Department after filing your ITR.
Explore

FAQs

How do I know if I am eligible for RBL Bank net banking services?

Any individual who has a bank account in any branch of RBL Bank is eligible for net banking services.

What are the documents required from my RBL Bank account to file Income Tax Return?

To file your ITR you will need your Bank Account Statement from your Bank’s Net banking Account for the financial year.

What are the ways to make e-Payment of taxes through RBL Bank?

The facility provides a platform for taxpayers to pay Income Tax payments online. You can use either Net banking login or through your RBL Bank debit card.

Union Bank of India: Net Banking Registration, Login, Reset Password, Download Bank Statement, Tax Payment & e-verify ITR

Union Bank of India is one of the leading public sector banks in India. The government of India has a holding of 89.07% of banks total share capital. With network of 9500+ domestic branches, the bank also has 13300 + ATMs, 75000+ employees and has a 120 million customer base. Moreover, the bank also has three overseas branches in Hong Kong, Dubai and Sydney. Recently in 2020, Andhara Bank and Corporation Bank merged into Union Bank of India.

The Government of India has built an infrastructure which will help in smoothening the tax filing and compliance process online via net banking login from selected banks such as by Union Bank of India net banking. This article will guide you in the following:

How to Register for Union Bank of India Internet Banking?

You can activate Internet banking service on your Union Bank of India account by following these steps:

  • Step 1: Visit Union Bank of India website
  • Step 2: From the top bar, select Digital > Internet Banking
  • Step 3: Select Internet banking again. A new tab will be opened.
  • Step 4: From the top bar, select Download application forms > Internet banking application
  • Step 5: The form will look like the following:
  • Step 6: Lastly, fill out this form and submit to your nearest Union Bank of India Branch. You will receive an user id once your form will get processed.

How to Login to Union Bank of India Internet Banking?

Once you receive your user id, here’s a guide on how to login by following these steps:

  • Step 1: Visit Union Bank of India website
  • Step 2: From the top bar, select Digital > Internet Banking
  • Step 3: Select Internet banking again. A new tab will be opened.
  • Step 4: On the right side column, select Retail user login
  • Step 5: Mention your user id, verification code, password and OTP (sent to your registered mobile number).
  • Step 6: Finally, you will be logged in and now will be able to use the Internet banking services.

How to Reset net banking login using Forgot Password?

Here’s how you can reset your Internet banking password:

  • Step 1: Visit Union Bank of India website
  • Step 2: From the top bar, select Digital > Internet Banking
  • Step 3: Select Internet banking again. A new tab will be opened.
  • Step 4: On the right side column, select Forgot/Reset password
  • Step 5: Mention your user id, account number, DOB, verification code and click on continue
  • Step 6: Enter an amount from your past 5 bank transactions for security purpose
  • Step 7: Lastly, you will get an option of Set new password. Confirm the new password. Click on confirm.
  • Step 8: Your Internet banking password will be changed.

How to Download account Statement?

Here’s how you can download the account Statement:

  • Step 1: Visit Union Bank of India website
  • Step 2: Login to you Internet Banking
  • Step 3: From the top bar, select Accounts > Balance & Transaction info > Account summary.
  • Step 4: Click on your account number mentioned
  • Step 5: You will be able to see your transaction history
  • Step 6: Additionally, You can select the date range and transaction type based on your requirement.
  • Step 7: Lastly, on the bottom left, there will be an option of PDF. Click on that and your statement will be downloaded.

How to make Direct Tax Payment through net Banking Online?

The Income Tax department has built an infrastructure to collect taxes online via net banking/ Debit cards from selected banks. You can pay your direct taxes online using your Bank Account by following these steps:

  • Step 1: Visit the TIN-NSDL portal and hence, click on Services > e-Payment: Pay Taxes Online
  • Step 2: Select the necessary challan as per your tax liability. Click on Proceed. Select the necessary challan by reading the following:
    • TDS/TCS SectionTax Deducted at Source (TDS) and Tax Collected at Source (TCS) section refers to as:
    • Any tax collected while making any specified payments such as rent, commission, salary, interest, etc.
    • Any tax collected by the seller at the time of sale
    • If you have paid TDS or collected TCS then you need to look for challans under TDS/TCS Section
TDS Calculator
TDS (Tax Deducted at Source) is a part of Income Tax. TDS should be dedcuted by a person for specific payments made.
Explore
TDS Calculator
TDS (Tax Deducted at Source) is a part of Income Tax. TDS should be dedcuted by a person for specific payments made.
Explore
  • Non-TDS/TCS Section- Challans that are not regarding TDS or TCS are found under Non- TDS/TCS Section. Any type of Tax that doesn’t involve TDS or TCS has to be paid by challans mentioned under the Non- TDS/TCS Section.
    • Challan 280 of the Income Tax Department- Challan 280 is a much easy way to pay your advance tax, regular assessment tax, self-assessment tax, Surtax, etc. online in a few simple steps.  
  • Step 3: Enter the required details
    • Type of Tax Applicable
    • Type of Payment
    • Mode of Payment (Net Banking or Debit Card)
    • Select the name of the Bank from a drop-down
    • PAN Number
    • Assessment year
    • Address
    • Email id
    • Phone number

Enter the captcha code and click on Proceed.

  • Step 4: Finally, your challan has been created. Verify the details inserted. Check the Tick box click on Submit to the bank.
  • Step 5: You will be redirected to the Union Bank of India portal. Select the type of user and click on the mentioned link.
  • Step 6: Lastly, Log in to your Account and verify Challan details. Click on Continue.
  • Step 7: Enter the OTP received on the registered mobile number to complete the transaction.

How to e-verify ITR using net Banking?

The process of filing your Income Tax Return is not complete until you e verify your ITR. E-Verification should happen within 120 days of e-filing your ITR.

Here’s the step-by-step process to e-verify ITR using net banking:

  • Step 2: Subsequently, click on the “View Returns/Forms” option
  • Step 3: Click on the “Returns pending for e-Verification” option
  • Step 4: Next, click on the option to e verify the ITR
  • Step 5: Generate an EVC through Net banking
  • Step 6: Select the Union Bank of India option and log in using the net banking credentials
  • Step 7: Click on ‘Income Tax e-Filing’ in the Operating Account Section
  • Step 8: Finally, enter your Account Number & PAN with which you want to e verify ITR. After this click on the Submit button
  • Step 9: Click on “Login into e-Filing
  • Step 10: Lastly, You will be redirected to the income tax e-filing portal where a pop-up message will appear. Click on the option to continue

Your ITR is successfully verified and you can download an attachment.

Track Your ITR Status
Check your Income Tax Return Status using the PAN and Acknowledgment number - which is allocated by the Income Tax Department after filing your ITR.
Explore
Track Your ITR Status
Check your Income Tax Return Status using the PAN and Acknowledgment number - which is allocated by the Income Tax Department after filing your ITR.
Explore

FAQs

When can I download account statement using net banking for ITR filing?

You will require your Bank statement pdf for a particular financial year. The financial year begins on 1st April and ends on 31st March.
Example: if you are filing the ITR for the FY 2019-20 you need a bank statement from 1st April 2019 to 31st March 2020.
This Bank statement will represent all the incomes, expenditures and undertaken financial activities.

What are the documents required from my Union Bank account to file Income Tax Return?

To file your ITR you will need your Bank Account Statement from your Bank’s Net banking Account for the financial year.

What are the ways to make e-Payment of taxes through Union Bank?

The facility provides a platform for taxpayers to pay Income Tax payments online. You can use either Net banking login or through your Union Bank debit card.

AU Small Finance Bank FD interest rates

AU Small Finance Bank started 25 years ago in 1996. Starting as a non-deposit taking Non-Banking Finance Company (NBFC) they have now become a Scheduled Commercial Bank in India and listed under Fortune 500 company. The bank provides their customers services of investing of fixed deposit schemes based on their investment requirements to help them save tax and grow their wealth safely. This article covers AU Small Finance Bank FD rates.

Interest rates for FD in AU Small Finance Bank

Following are the interest rates for investing in a Fixed deposit in AU Small Finance Bank:

Tenure Fixed Deposit interest rate for General Citizens Fixed Deposit interest rate for Senior Citizens
7 days to 1 month & 15 days 3.50% 4.25%
1 month & 16 days to 3 months 4.00% 4.75%
3 months & 1 day to 6 months 4.75% 5.50%
6 months & 1 day to 12 months 5.25% 6.00%
12 months & 1 day to 15 months 6.35% 7.10%

Additionally, AU Small Finance Bank offers Loan to their customers against their Fixed Deposit at the rate of 4.5% to 7.5%.

Eligibility Criteria for AU Small Finance Bank FD account

FAQs

What is the minimum amount that one needs to deposit for opening an AU Small Finance Bank FD account?

A person can start investing in AU Small Finance Bank Fixed Deposit (FD) with as low as INR 1000 while opening a FD Account.

How long does AU Small Finance Bank FDs take to mature?

It completely depends upon the investor to chose a FD scheme that is suitable for his/her investment goals. FD maturity varies between  7 days to 120 months.

What is a non-callable FD?

A FD scheme that prevents a customer from withdrawing any amount before the maturity of the Fixed Deposit is called a non-callable FD.

Axis Bank Fixed Deposit (FD) interest rates

Axis bank is one of the first new generation bank that began their operations in 1994. It is one of the third largest private sector bank in India. Axis bank provides number of financial services to customers ranging from large-mid cap companies, MSME, retail and agriculture business. This article covers Axis Bank FD interest rates.

Interest rates for Fixed deposit in Axis Bank

Following are the Axis Bank FD interest rates:

Tenure FD Interest Rates for General Citizens FD Interest Rates for Senior Citizens
7 days – 14 days 2.50% 2.50%
15 days – 29 days 2.50% 2.50%
30 days – 45 days 3.00% 3.00%
46 days – 60 days 3.00% 3.00%
61 days – 3 months 3.00% 3.00%
90 days – 119 days 3.50% 3.50%
4 months – 5 months 3.50% 3.50%
5 months – 6 months 3.50% 3.50%
6 months – 8 months 29 days 4.40% 4.65%
9 months – 11 months 25 days 4.40% 4.65%
11 months 25 days – 1 year 5.15% 5.40%
13 months – 17 months 29 days 5.10% 5.75%
18 months – 2 years 5.25% 5.90%
30 months 1 day – 3 years 5.40% 5.90%
1 year – 1 year 5 days 5.15% 5.80%
1 year 5 days – 1 year 11 days 5.10% 5.75%
1 year 11 days – 1 year 25 days 5.10% 5.75%
1 year 25 days – 12 months 29 days 5.10% 5.75%
2 years – 30 months 5.40% 6.05%
3 years – 4 years 364 days 5.40% 5.90%
5 years – 10 years 5.50% 6.00%

Additionally, Axis bank FD investor is eligible to avail a loans up to 85% of FD’s value against their Axis Bank Fixed Deposits.

Eligibility Criteria for Axis Bank FD account

Following are the people who are eligible for Axis Bank FD account opening:

Documents required for Axis Bank Fixed Deposit (FD) account:

Documents requirement differ for every individual and legal body. Following are the requirements based on type of entity.

Individuals, HUFs, and sole proprietorship firms when applying for a Fixed Deposit in Axis Bank:

  • Drivers license
  • PAN
  • Passport
  • A photograph
  • An introduction by any other bank or an introduction by an Axis Bank Savings Account holder for the last six months

Trusts when applying for a Fixed Deposit Axis Bank:

  • Copy of the Trust Deed
  • Copy of the Registration Certificate
  • Photographs of all the members operating the account
  • Copy of the Resolution of Trustees authorizing the members concerned to open and operate the account

Partnership firms when applying for a Fixed Deposit in Axis Bank:

  • Partnership Deed
  • Photographs of all the persons operating the account
  • Letter from partners approving the persons concerned to open and operate the account

FAQs

What is the minimum amount required to invest in Axis bank FD?

An investor can open a fixed deposit account in Axis bank and begin the investment with as low as INR 5000.

Is interest received on Fixed deposit subject to tax?

Yes, interest earned on tax saving fixed deposits are taxable and are subject to TDS.

How can I open a Axis Bank FD account?

A customer can open Axis Bank FD account by applying through mobile banking, internet banking or by visiting the nearest Axis bank branch.

ICICI Bank Fixed Deposit (FD) Interest Rates

ICICI Bank is a private sector bank in India. The bank has total assets of INR 14.76 trillion has a network of 5200+ branches and 15,158 ATMs across India. The bank offers a variety of fixed deposit schemes and other services based on customer’s investment requirements to help them save tax and grow their wealth safely. In this article we take a look at the ICICI Bank FD interest rates

Interest rates for Fixed deposit in ICICI Bank

Following are the FD interest rates that the ICICI bank offers:

Tenure Interest rate for General citizen investing <INR 2 cr Interest rate for Senior citizen investing <INR 2 cr Interest rate for General citizen investing >INR 2 cr to <INR 5 cr Interest rate for Senior citizen investing >INR 2 cr to <INR 5 cr
7 days to 14 days 2.50% 3.00% 2.50% 2.50%
15 days to 29 days 2.50% 3.00% 2.50% 2.50%
30 days to 45 days 3.00% 3.50% 2.75% 2.75%
46 days to 60 days 3.00% 3.50% 2.75% 2.75%
61 days to 90 days 3.00% 3.50% 3.00% 3.00%
91 days to 120 days 3.50% 4.00% 3.00% 3.00%
121 days to 184 days 3.50% 4.00% 3.00% 3.00%
185 days to 210 days 4.40% 4.90% 3.50% 3.50%
211 days to 270 days 4.40% 4.90% 3.50% 3.50%
271 days to 289 days 4.40% 4.90% 3.65% 3.65%
290 days to less than 1 year 4.40% 4.90% 3.65% 3.65%
1 year to 389 days 4.90% 5.40% 3.75% 3.75%
390 days to < 18 months 4.90% 5.40% 3.75% 3.75%
18 months days to 2 years 5.00% 5.50% 3.90% 3.90%
2 years 1 day to 3 years 5.15% 5.65% 4.30% 4.30%
3 years 1 day to 5 years 5.35% 5.85% 4.30% 4.30%
5 years 1 day to 10 years 5.50% 6.30% 4.30% 4.30%
5 Years (80C FD) – Max to ₹1.50 lac 5.35% 5.85% NA NA

Note:

  • NRE rates are applicable only for FDs with 1+ year tenure
  • Senior citizen rates are applicable only on domestic term deposits

Moreover, investors can avail a loan of up to 90% of FD’s value against their ICICI fixed deposit.

Special Forms to fill when Applying for ICICI Bank Fixed Deposit

The investment objective of fixed deposits is to provide tax benefits under section 80C of the Income tax Act. It motivates an individuals to save their wealth and also reduces tax liability.

In order to avail those tax benefits, an investor has to fill Form 15G and Form 15H respectively before investing. Additionally, ICICI bank also provides facility of submitting 15H and 15G via net banking or ICICI’s mobile app.

However, investors should keep in mind that they will get tax exemptions only if their interest earnings are not above the specific tax slab determined by the Income Tax Department.

Eligibility Criteria

  • Indian Citizen
  • Trusts
  • Sole proprietary companies
  • HUF
  • Partnership firm
  • Limited companies

Documents required for ICICI Bank Fixed Deposit (FD) account:

  • Proof of Identity
    • PAN
    • Aadhaar
    • Passport
    • Driver’s license
    • Senior Citizen id
    • Voter id
    • Government ID card
    • Photo ration card
  • Proof of Address
    • Electricity bill
    • Telephone bill
    • Bank statement along with a cheque
    • Passport

FAQs

What is the minimum amount required for investing in ICICI Fixed Deposit?

An investor can open a fixed deposit account and begin the investment with as low as INR 10,000. However, minors can begin investing in ICICI FD with INR 2000.

How do I open a ICICI FD account?

An individual can open a ICICI FD account by using ICICI online banking portal or by visiting the nearest ICICI bank branch.

Is interest received on Fixed deposit subject to tax?

Yes, interest earned on tax saving fixed deposits are taxable and are subject to TDS.

HDFC Bank Fixed Deposit (FD) interest rates

HDFC Bank is the first bank to get approval from RBI to set up a private sector bank in 1994. HDFC banking and financial service is the largest bank in India based on its market capitalization. It has  5400+ branches & 13,500 ATMs across the country. Out of all the financial services it provides, HDFC fixed deposit account service is very popular among the Indian crowd. The bank offers them a variety of fixed deposit schemes and other services based on their investment requirements to help them save tax and grow their wealth safely. In this article we take a look at the fixed deposit rates of the HDFC bank.

Interest rates for Fixed deposit in HDFC Bank

Following are the fixed deposit rates that the HDFC bank offers:

Tenure Interest rate for General citizen investing <INR 2 cr Interest rate for Senior citizen investing <INR 2 cr Interest rate for General citizen investing >INR 2 cr to <INR 5 cr Interest rate for Senior citizen investing >INR 2 cr to <INR 5 cr
7 – 14 days 2.50% 3.00% 2.50% 3.00%
15 – 29 days 2.50% 3.00% 2.50% 3.00%
30 – 45 days 3.00% 3.50% 2.75% 3.25%
46 – 60 days 3.00% 3.50% 2.75% 3.25%
61 – 90 days 3.00% 3.50% 3.00% 3.50%
91 days – 6 months 3.50% 4.00% 3.00% 3.50%
6 months 1 days – 9 months 4.40% 4.90% 3.50% 4.00%
9 months 1 day < 1 Year 4.40% 4.90% 3.65% 4.15%
1 Year 4.90% 5.40% 3.75% 4.25%
1 year 1 day – 2 years 4.90% 5.40% 3.75% 4.25%
2 years 1 day – 3 years 5.15% 5.65% 4.25% 4.75%
3 year 1 day- 5 years 5.30% 5.80% 4.25% 4.75%
5 years 1 day – 10 years 5.50% 6.25% 4.25% 5.00%

Additionally, a domestic/ NRE/NRO fixed deposit investor of HDFC bank is eligible for earning HDFC FD credits. Using such credits, the bank approves a loan of up to 90% of the FD’s value.

However, in case of Foreign Currency non- repatriable fixed deposit investors loan up to only 70% of FD’s value is granted.  

Promo Code
Tax Compliance for HDFC Bank Account Holders
Import your Bank Statement, Upload Form 16, Capital Gains & Tax P&L Statements to file ITR.
[Rated 4.8 stars by customers like you]
Explore Now
Tax Compliance for HDFC Bank Account Holders
Are you an HDFC Bank Account holder? Import your Bank Statement, Upload Form 16, Capital Gains & Tax P&L Statements to file ITR.
[Rated 4.8 stars by customers like you]
Promo Code
HDFC

Special forms to fill when applying for HDFC bank Fixed deposit

The investment objective of fixed deposits is to provide tax benefits under section 80C of the Income tax Act. It motivates an individual to save their wealth and also reduces tax liability.

In order to avail those tax benefits, an investor has to fill Form 15G and Form 15H respectively before investing. However, investors should keep in mind that they will get tax exemptions only if their interest earnings are not above the specific tax slab determined by the Income Tax Department.

Eligibility Criteria

  • Indian Citizen
  • Trusts
  • Sole proprietary companies
  • HUF
  • Partnership firm
  • Limited companies

Documents required for HDFC Bank Fixed Deposit (FD) account:

  • Proof of Identity
    • PAN
    • Aadhaar
    • Passport
    • Driver’s license
    • Senior Citizen id
    • Voter id
    • Government ID card
    • Photo ration card
  • Proof of Address
    • Electricity bill
    • Telephone bill
    • Bank statement along with a cheque
    • Passport

FAQs

What is the minimum amount required for investing in HDFC Fixed Deposit?

A investor can open a Fixed deposit account and begin the investment with as low as INR 5000.

Do senior citizen get any benefits of HDFC FD deposit?

Once provided with the documents to prove your age, HDFC offers 0.50% extra interest to depositors that are over 60 years. 

Can I change the maturity period of an on-going FD?

No, maturity of a Fixed deposit cannot be changed once it is initiated. If an investor wants to change the maturity period of a Fixed deposit he/she has to start a new investment with their preferred tenure.

What is a non-callable FD?

A FD scheme that prevents a customer from withdrawing any amount before the maturity of the Fixed Deposit is called a non-callable FD.