Now, TDS to Be Deducted on Recurring Deposits

From June 1, recurring deposits will come under the provisions of TDS (tax deducted at source). As a result, if interest earned on recurring deposits exceeds Rs 10,000 a year, TDS at the rate of 10 per cent would be deducted by the bank. Recurring deposit is a special kind of deposit offered by banks and post offices in which investors deposit a fixed amount every month into their accounts. Some banks offer recurring deposits fo...