Is the Bank FDR Interest taxable ?
Yes. It is taxable like any other income. You have to pay tax as per your tax slab rates. There is no exemption on bank interest now. The bank will deduct TDS on the FD interest if the interest exceeds Rs.10,000 in a financial year. You can give form 15G to the bank to avoid TDS on your FD. But one has to give form 15G only if their income is below taxable.
