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Are you going to open a Fixed Deposit Account - Fixed Deposit (FD) account in the bank? Let us know about this investment option popular among Indians that there are some rules associated with it that may not be known to you. These are very important, especially in situations where you want to know the tax qualification of the interest income. Let's Learn: 1- If the interest earned on your FD in any one financial year is more than Rs. 10,000 then it will deduct TDS by 10%. Even if you have not provided PAN (Permanent Account Number), tax can be deducted at 20% rate. 2- However, here you can tell that if the gross income from Recurring Deposit (FD) or FD, opened in one or more branches of one bank, is exceeding 10 thousand in any one financial year, then TDS Will cut 3- Even if the bank has deducted TDS, you will have to mention it during your income tax return filing. Even if the bank has not deducted TDS, even while filing the ITR, you will have to mention it while considering it included in your income. Tax on income (interest income) is determined by which tax slab you come in. By the way, banks cut TDS at the rate of 10 per cent, but if you come in a high tax bracket, you will have to pay higher tax while filing returns. 4- If your taxable income falls under the tax rebate i.e. less than Rs. 2.5 lakh annually and if your income for the year is special, then you can save TDS from the interest income. But for this, the form 15G or 15H must be submitted in time. But if you can not subscribe this form for any reason, then you will have to refund the money for the return of this amount. 5- It is a matter of relief that no TDS can be deducted on interest income in case of savings account. However, in a year if the total income from interest is more than Rs.10, then it will be taxed.