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What is the taxable amount for fixed deposit in local bank?

Do I require a PAN for making fixed deposit of Rs. 2 Lacs?

  • Hi, I am self employed working as a freelance interior designer. I do not have a bank account of my own. I would want to know if I'll be requiring a PAN card for getting a fixed deposit of around 2 Lacs. This money has been painstakingly saved over 4-5 years. Whats the maximum amount one can invest in fixed deposit in a bank without PAN card?

  • Answer:

    Yes, Any depoit beypnd Rs. 50,000/- require pan number, The option with you is either get the PAN Card which can be deliver to you within 15 days at just Rs. 67/- ( Offical Fee) or get 5 deposite of Rs. 40,000/- in bank.

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If you are making this deposit from an existing bank account of yours, the answer is NO. However, if you want to open a FD account with cash of Rs. 2 lacs, the answer is Y E S.

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