Top 5 Fixed Deposit TDS Calculators to Streamline Your Finances

Fixed Deposit (FD) is one of the most popular investment plans. It provides a known return basis for the interest decided by the bank. However, the net accumulated amount can vary since the actual amount of FD can get reduced because of the deduction of TDS. TDS or Tax Deducted at Source is the income that gets deducted at the origin of income, which in this case is FD. To remove the complications involved in such calculation, we have Fixed Deposit TDS Calculators. Listed below are the top 5 fixed deposit TDS calculators that can help streamline your finances.

  1. HDFC Bank FD TDS Calculator: This is a highly reliable calculator offered by HDFC Bank, one of the leading banks of India. This simple tool lets you determine the TDS amount by entering the tenure, deposit amount, and the fixed interest rate. The deduction is calculated using the current TDS rules.
  1. ICICI Bank FD TDS Calculator: ICICI Bank presents an efficient calculator to compute the TDS amount on your FD investments. The portal is user-friendly with fields for you to input the principal amount, rate of interest, and tenure of FD and then it throws the projected TDS.
  1. SBI FD TDS Calculator: SBI, India’s leading public sector bank, also offers a simple to use fixed deposit TDS calculator. It asks you to provide details of your deposit, time of investment, and the present interest rate. Based on the data provided, it efficiently generates the TDS amount.
  1. PNB FD TDS Calculator: Punjab National Bank (PNB) has an accessible online tool to calculate the TDS amount on FD. The details to be entered are straightforward, and the process is smooth and quick.
  1. Axis Bank FD TDS Calculator: Axis Bank’s TDS calculator tool is well designed with a simple user interface to help you get the figure you are looking for convincingly.

Computing TDS is essential to know the actual return from your Fixed Deposit (FD) to manage your expenses accordingly. The above-mentioned online tools will bring in clarity and simplify the process for you.

However, before considering higher interest rates or the best FD rates 2024, it is crucial to understand that the interest earned on FDs is not tax-free. The interest earned over INR 40,000 (INR 50,000 for senior citizens) in a year from all the FDs with a bank is liable to TDS.

Suppose you invest INR 500,000 at an interest of 7.5%. Your yearly interest will be INR 37,500. Since the interest is below the TDS limit of INR 40,000, there would be no TDS deduction. But if the interest rate is 8.5%, the yearly interest will be INR 42,500. Here, TDS will be deducted on the exceeding amount, i.e., INR 2,500. Hence, net interest will be INR 40,000.

While they offer higher return rates, it is fundamental to ensure the liquidity of your investment, which can otherwise get locked for an extended period. Also, the interest rates can vary significantly from one financial year to another and are sensitive to the monetary policies of RBI.

Disclaimer

This article is provided for informational purposes only and should not be considered financial advice. Investing in the Indian financial market comes with inherent risks, and prospective investors should thoroughly research and consider all the pros and cons before making any investments.

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Summary

Fixed Deposits (FD) is a smart option for those who want a low-risk investment with predictable returns. However, to get a clear picture of the net return from FDs after tax deductions, it is necessary to calculate the TDS on the interest earned. Here, we have detailed the top 5 Fixed Deposit TDS Calculators – HDFC, ICICI, SBI, PNB, and Axis Bank – that can simplify your TDS calculation. It is important to remember that while these tools offer convenience and clarity, investors must consider all related factors such as liquidity, interest rate fluctuations, and RBI policies before making an investment. Always focus on obtaining comprehensive financial knowledge before stepping into any form of investment.

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