Grandfathering Pr.1-3 Cr By Age 50
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Calculate - Deposit Maturity Value + Rate of Return After-Tax + Year-wise Balance + Year-wise Interest

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Year-wise Interest
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Calculate Rate of Return After-Tax on Above Deposit

Your Age
Submitted PAN details to Bank
Your Taxable Income (Including Interest)
After-Tax Rate of Return
Total Interest Earning (Maturity Value - Principal)
Tax to Be Deducted By Bank (TDS)**

Understanding TDS in relation to Fixed Deposits**

Interest income from Fixed Deposits is fully taxable. It is added to your total income and taxed at slab rates applicable. Bank deducts TDS @ 10% from your interest income when it exceeds Rs 10,000 in a year. In case you do not provide your PAN information to the bank, they will deduct TDS @20%. So make sure Bank has your PAN details.

No TDS is deductible when your total income is less than minimum amount which is taxable - In the case of housewives / senior citizens / Super Senior citizens it may be possible that their interest income in a year is more than Rs 10,000 but their Total Income (including interest income) is less than the minimum exempt income (Rs 2.50 Lac for age below 60 year, Rs 3.00 Lac for Senior citizens (age 60to 80years) and Rs. 5.00 Lac for Super Senior citizens age above 80 years) for FY 2017-18. As no tax is payable by the individual hence no TDS should be deducted by the bank you are required to submit Form 15G or Form 15H (who is of the age of 60 years or more) to the Bank at the start of each financial year, this way Bank won't deduct any TDS and you will be saved from waiting for a refund from the IT Department.

Note :- Net amount you will recieve on maturity is the balance of maturity amount of deposit after dedcution of TDS by bank, it is the final amount that the bank will pay you upon maturity. So, whenever you get issue FD, compare the maturity amount bank shows on it with the amount shown on calculator. Again the difference should be very nominal due to rounding of figures or FD issued in days.

Therefore, we recommend you to consult your personal financial advisor before taking any decision in case of difference of any abnormal amount in maturity value calculated by bank. Maxutils.com or its owner disclaims any responsibility for any decision taken based on the calculations provided on this website.

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