Info on Bank Fixed Deposits

[Prasham]

Hi,


I had opened 3 Tax Saving FDs in SBI 5 years back in name of my relatives. They have clearly marked the maturity value on the certificate but now when I approached them they have deducted money as below:

1 Lakh FD (Interest 7.25%) - Maturity value Rs. 143226/- - Actual value Rs. 141281/-
1 Lakh FD (Interest 7.25%) - Maturity value Rs. 143226/- - Actual value Rs. 142250/-
1 Lakh FD (Interest 7.75%) - Maturity value Rs. 146784/- - Actual value Rs. 137040/-

When asked for explanation he gave me a statement which made no sense to me. Can someone please help.

 

[Ankur003]

Tax on interest?

 

[Pankaj Zarekar]

Hi,


I had opened 3 Tax Saving FDs in SBI 5 years back in name of my relatives. They have clearly marked the maturity value on the certificate but now when I approached them they have deducted money as below:

1 Lakh FD (Interest 7.25%) - Maturity value Rs. 143226/- - Actual value Rs. 141281/-
1 Lakh FD (Interest 7.25%) - Maturity value Rs. 143226/- - Actual value Rs. 142250/-
1 Lakh FD (Interest 7.75%) - Maturity value Rs. 146784/- - Actual value Rs. 137040/-

When asked for explanation he gave me a statement which made no sense to me. Can someone please help.

TDS dude!
If you want to save tax on interest, you have to submit forms 15G/H in the month of April, each year.

 

[Ankur003]

TDS dude!
If you want to save tax on interest, you have to submit forms 15G/H in the month of April, each year.

Yes I also thought so... but why difference in tax deduction in first two deposits? actual value should be same...

 

[Prasham]

Its not Tax probably. Also I am surprised to see the statement. They have debited a value and later they have credited the same the next day !!

 

[MaBez]

How did you end up figuring it out?

 

[Big Daddy]

It seems the guy had withdrawn interest two times (WDL TFR likely stands for withdrawal transfer), so final amount did not get the accumulated interest.

 

[Islandsportivo]

Good to know. I am so far from all the bank systems, investments etc etc and i know how irresponsible is that.
It is time to think about some saving accounts and i even checked united bank reviews already https://www.pissedconsumer.cоm/united-bank/RT-F.htmlю
What do you guys think of this bank? What option would you consider for your savings? Cheers and have a nice evening everyone.