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Paresh (Sr.Manager)     29 January 2013

Prematurity of fixed deposit -tax saving

My father had 2 nos. of Tax saving fixed deposit & is maturing in the year 2015/16. Recently my father expired, there is a TDS on the interest reeived.

I have asked my bank to premature the FD as per the death of holder.

Bank is saying that due to lock in period, it can not be premature.

Is it correct? if yes what about the TDS which will be cut? how to get the refund of TDS?

Thanks in advance


 3 Replies

Neha Sharma (Student)     03 February 2013

Yes, the banker is correct


The govt has specified that all Tax Saving Fixed Deposits should have a minimum lock-in period of 5 years

Arhanath Patil (B.Com , CA-Final)     13 April 2013

Banker is correct.

There is minimum lock-in period of 5 years for Tax Saving Deposits.

You can file the income tax return of  your father by registering as a legal heir and claim the TDS.

See attached file for referance.

Attached File : 119544307 regiter legal heir.pdf downloaded: 126 times

R RAJAGOPALAN (ADVOCATE)     15 April 2013

The Bank is correct regarding the lock-in period.

The TDS-refund can be claimed by you by  filig the late father's I.T.return, in your capacity as his legal representative.

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