How much tax is deducted on fixed deposits?

Himanshu Thukral23 Jul, 2024Finance

In this Article you will get to learn about How much tax is deducted on fixed deposits. So Invest now with RR Finance offers you the Best Fixed Deposits Interest Rates. The amount of tax taken from Taxation on Corporate FD rates. The amount of tax taken from Fixed Deposit interest varies depending on who holds the account (I) For Non-Resident Indians (NRIs), the TDS rate is 30%, plus extra charges, according to Section 195 of the IT Act 1961. (II) For Indian citizens, the TDS rate on interest is 10%, but only if the interest earned is more than Rs. 5000. (III) Senior citizens pay a 10% TDS on FD interest. But if their total income, including FD interest, is below Rs. 5,00,000 per year, they're exempt from tax.