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Earning FD interest? Why you should submit Form 121 TDS provisions explained

A bank deducts 10% TDS if the interest payable on a customers fixed deposit exceeds 50,000 ( 1 lakh for senior citizens) in a financial year. A customer must submit Form 121 to avail a TDS exemption. However, interest must still be declared at the time of filing the ITR.

13 Jun 2026 8:00 am