News Details
Amendment in Section 194A of the Income Tax Act, 1961 (TDS )



‘SEVA’ 117/119, NAVI PETH, JALGAON – 425 001.



Kind Attention: Depositors & Shareholders

 With respect to amendment in Section 194A of the Income Tax Act, 1961 (TDS on interest on deposits), with effect from 01.06.2015,

 1)      TDS will be applicable on interest paid to depositors who are members / shareholders of the bank, if the interest from deposits from all branches during the financial year exceeds Rs. 10,000/-, Members/Shareholders can submit immediately Form No. 15G/15H if eligible and as applicable.

 2)      Interest paid on recurring deposits, daily deposits will attract TDS.

 3)      The limit of interest amount of Rs. 10,000/- (for non applicability of TDS provision) will be for entire Bank and not Branchwise. Hence if the depositor having deposits in two or more branches earning interest less than Rs. 10,000/- per branch bur earns in aggregate interest exceeding Rs. 10,000/- for all branches then TDS will be applicable.

 4)       All the depositors are requested to submit Form No. 15G/15H (along with copy of PAN) if eligible and as applicable. For details please contact our nearest branch.



Managing Director