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Want to book a fixed deposit without PAN card? This is what it will cost you

Feb 14, 2019, 18:52 PM IST
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Fixed deposits are one of the widely used investment tools as there is no risk factor and the returns are guaranteed too. A fixed deposit plan gives higher rate of interest compared to savings accounts. It requires you to deposit a lump sum of money in the FD for a fixed period of time ranging from 7 days to 10 years. While opening an FD account with any bank, you are required to submit your PAN card details as well. However, if you don't have a PAN card, you may have to pay some of your gains as taxes to the IT department. 

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Fixed Deposit: PAN

Fixed Deposit: PAN

You may worry about the implications of booking an FD without PAN. (Reuters)

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Fixed Deposit: TDS

Fixed Deposit: TDS

In the absence of PAN, the following are the implications for customers: 1. TDS will be recovered at 20% (as against 10%)  2. NO TDS credit from the Income Tax department  3. NO TDS certificate will be issued (As per CBDT circular no:03/11) and 4. Form 15G/H and other exemption certificates will be invalid and penal TDS will apply. (Reuters)

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Fixed Deposit: Premature closure penalty

Fixed Deposit: Premature closure penalty

People also want to know the penalty they will have to pay on premature closure of Fixed Deposits.  (Agencies)

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Fixed Deposit: Premature withdrawal

Fixed Deposit: Premature withdrawal

As per the Terms & Conditions of Fixed Deposit Accounts of the HDFC bank, the penalty on premature closure of Fixed Deposits, including sweep-in and partial closures, has been fixed by the Bank at the rate of 1% of the fixed deposit interest rate. This is applicable with effect from 24th January, 2011. (Reuters)

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Fixed Deposit: Principal Amount

Fixed Deposit: Principal Amount

Why is the principal amount and the fixed deposit maturity amount of my Fixed Deposit the same? (Agencies)

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Fixed Deposit: Interest

Fixed Deposit: Interest

When your Fixed Deposit is booked with the quarterly / monthly interest pay out option, the maturity amount is the same as the principal amount. The interest amount will be credited to your account at quarterly / monthly intervals. (PTI)

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