Fixed Deposits (FDs) are a popular investment choice as they offer safe and guaranteed returns. However, the interest earned from your fixed deposits is taxable, depending upon your tax slab. You need to carefully keep track of your interest earnings through your FDs. In this situation, a fixed deposit interest certificate can be extremely useful in tracking interest earnings. In this article, we’ll look at how to obtain and secure this important document.
What is a fixed deposit interest certificate and why is it important?
A fixed deposit interest certificate is an official document issued by the bank where you’ve deposited funds into an FD. The FD interest certificate displays how much interest you have earned on your fixed deposit account during a specific time period, usually one financial year.
This document is vital for tax purposes as you will need to report your interest income from FDs in your income tax returns. The fixed deposit interest certificate is proof of that interest income. In case you end up losing your certificate of interest, you can request your bank to share the certificate with you again.
If you haven’t yet started investing in fixed deposits, consider beginning your investing journey with the fixed deposits offered by IndusInd Bank. Some of the key features of IndusInd Bank Fixed Deposits include:
● Instantly book your FD online in just three simple steps
● Earn best-in-class interest rates for better returns
● Auto-renewal and multiple interest payout options
● Easily manage your FD account using the Indus Mobile app
If you’re confused about how much returns you will be getting with an FD, you can use a fixed deposit calculator to understand exactly how much money you will earn in the form of interest.
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How to get your FD interest certificate
There are several ways to obtain your certificate:
Online banking: Most banks allow you to download the certificate from their online banking portal/official website. Look for sections like “Deposits” or “Fixed Deposits” in your account and navigate till you find the option to download the FD interest certificate.
Mobile banking apps: Many bank apps now offer the option to generate and download FD interest certificates directly on your phone. Log in to your bank’s mobile app, navigate to the ‘Fixed Deposits’ section and you should find an option to download the fixed deposit interest certificate.
Email request: If you cannot access your interest certificate through the bank app or website, you should email your bank’s customer service, requesting the certificate. Make sure to include your account details and the period for which you need the certificate. However, many banks now automatically send these certificates to their customers’ registered email addresses at the end of the financial year. Ensure your email ID is up to date with the bank.
To conclude
A fixed deposit interest certificate is an important document required while filing your tax returns. So make sure you collect it from your bank and keep it secure by creating multiple physical and digital copies. However, if you end up losing the certificate, you can still request the bank for another copy. By keeping track of your FD interest certificates, you can ensure that you’re always prepared when it comes to managing your FD investments and related documentation.
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