How to Obtain the Statement of Interest on Fixed Deposits for Tax Filing

Introduction: When it comes to tax filing, being well-prepared is crucial. Fixed deposits (FDs) can be a significant source of income, and to accurately report your interest income, you need to obtain a statement of interest on all your FDs. This article provides a comprehensive guide on how to obtain the necessary documentation.

Steps to Obtain the Statement of Interest

1. Contact Your Bank

The first step is to reach out to the bank or financial institution where you have your fixed deposits. This can be done through several channels:

Customer Service Number Online Banking Local Branch

Choose the most convenient method for you, and make sure to inquire about the specific process for obtaining the statement of interest.

2. Utilize Online Banking

If you have access to online banking, log in to your account. Most banks provide a section for fixed deposits where you can view your FD details including the interest earned. Look for options such as:

View FD Details: This section will show you all your fixed deposits, their tenure, and the interest earned. Request for Statement: You can request a formal statement of interest earned on your FDs for the financial year. This may be provided as a PDF or printed statement depending on the bank's policy. Tax Certificates: Some banks issue a tax certificate such as Form 16A in India, which summarizes the interest earned during the financial year. Request this if it is available.

3. Check Year-End Summary

At the end of the financial year, banks often provide a summary of interest earned on all accounts, including FDs. Make sure to verify this summary for accurate reporting.

4. Keep Records

Maintain records of all statements and documents received. Having these records will be helpful for your tax filing and for future reference. Make sure to store them in a secure location.

Retail

It's important to request the statement well ahead of your tax filing deadline to ensure you have all necessary documents ready.

Additional Information

Important Note: While the statement of interest is the primary document for tax reporting, it's also useful to check your 26AS (ITR-V form) for any interest and TDS (Tax Deducted at Source) information. You can access 26AS via your income tax filling login and navigate to the View Credit section to ensure all your income is accurately recorded.

Conclusion: By following these steps, you can ensure that you have all the necessary documentation for tax filing. Proper record-keeping and timely action can save you time and stress during the tax season.