My experience as a first time SBI account holder!

[mhsabir]

Is there any unique knowledge needed? If you submit Form G/H they wont deduct, otherwise they will - and this form needs to be filled yearly (info not from self, but from known people).

I suppose some banks don't ask yearly and some do - for long term FDs I mean.

 

[Sushubh]

so the private banks i have used, they start cutting tds after i cross the threshold in the year. accrued and actual payout. but sbi appears to be cutting tds before i cross the limit. but i might cross the limit in financial year. just wondering if this is what they do? start cutting tds based on estimated interest earned in the financial year? do i have to go to branch and hit my head on the wall coz they would be of no help lol?

 

[mhsabir]

From what I heard, unless you submit the forms, limits don't matter, atleast thats what the experience was. I helped a retiree file returns and SBI had deducted TDS even though total income (and their earnings from bank) was way below taxable income. Of course, after filing they got it back.

Not sure about this specific case.

 

[Smh]

hmm they should not deduct anything unless expected interest amount crossed 50k limit for fd and its higher for senior citizens (without any form submission).

 

[Sushubh]

right. i did some calculations. and i appear to have crossed 40K accrued, which was the older limit. my calculations did not cross 50K but this sort of makes me not bother visiting their branch and hit my head on the wall... their app has a lot of data but it is painful to access them individually.

 

[Sushubh]

it's so annoying that the tds document downloaded from yono app is not up to date. does not show all tds withdrawals. i just hope it appears in AIS at the end of the financial year.

surprisingly, they haven't deposited anything so far.