Money deduction without information ?

asked Mar 30, 2016 in Others by Mayank

Sir, I had done two fixed deposit of rs 100000 and rs 80000 in bank of commerce, exhibition road, bharatpur (Rajasthan). The interest on the former is rs 8881 and on later rs 7447 but the bank without giving any information of submitting pan card no has deducted rs 1724 on former and rs 690 on later. On inquiry they were not ready to respond cordially.

1 Answer

answered Mar 31, 2016 by Raja

Dear Mayank

At the outset, let me clarify that this site is designed and managed by a group of Senior Banking Professionals to assist Bank Customers at large to provide guidance for resolution of any complain/query/grievance in respect of financial services. This site does not belong to any Bank or a regulator, which may please be noted.

Deduction of TDS on interest being paid to the depositors is an obligation on the Bank, unless you submit Form 15H / 15G. Nevertheless, to have greater clarification, you may handover a written request to the bank. The bank is under obligation to respond to your request / complaint with requisite clarification. The TDS would have been deducted, since the interest payment exceeded the permissible amount of Rs.10000/- and further may be in the absence of Form 15H/G.

RAJA