[Resolved]  Indusind Bank — Issue of Form 16A where No TDS was involved and related matter

Address:Chennai, Tamil Nadu

Sirs, I am a senior citizen customer of your Velachery branch in Chennai city with my cus. ID given as 10274059. I have two F.D’s opened last year for which the interest accrued for the period 1-4-2013 to[protected] was stated as Rs 9604.29, as per the statement dt[protected], given to me at your branch. I had also given the form 15H on[protected]itself for the Asst. year 2014-15, as I am not an assessee my annual income being below the taxable limit of 2.5 lakhs as a senior citizen. To my surprise, however, I received Form 16 A, which is normally applicable to cases for which TDS was applied.In this statement, it is stated that Rs 1218.31 was paid in the last quarter of 2013-14 and the tax deducted was NlL.I don’t know how Form 16A was prepared for me, when the interest accrued was less than Rs 10, 000 limit and besides I had given also Form 15 H as admissible in my case!!1When approached, the branch could not explain this nor the basis for the figure of Rs 1218.31 mentioned in it!! The new manager, who recently took over, was arguing that the limit of Rs 10, 000 includes also the S.B interest since your bank is paying higher interest of 5.5 to 6 % on SB accounts as compared to 4% else where.his made me realize that here lies the catch for giving higher interest to SB accts here.This argument was all the more surprising, since it is widely believed that SB interst is tax free up to a limit of 10, 000, what ever be the interest rate given to SB acct holders in difft banks!!! I need your clarification on this .In my case, I don’t have S.B acct also here wit me as first holder and so the question does not arise still.But it wartrants clarification from you as it affects many investors of your bank if the branch manager;s statement is correct I thought it fit, to raise these issuess to more experienced persons in your bank to clarifyas to (1)How, inthe first place this Form16A was raised in my case AND (2) Do you endorse that the limit of 10.000 for applying TDS at banks includes also SB interest or only interests on term deposits in then particular customer ID!!! I had a similar experience earlier also at this branch and my complaint then also raised to you on this platform was simply forwarded to the then manager again, who is ofcourse not there now.He was repeatedly asking me if he can close the complaint, as he was not in a position to correct the mistke then.Finally I had toaccept closing that RD acct for good but withsome loss to me!! . Every time a customer raisesa complaint, it is not against an individual branch ora manager but more to know the remedy to a problem experienced and it will be helpful both to the customer and the bank, if it is seriously looked in to!!! From this background experience, I may ask again-Will you please enlighten me on the issues raised aboue?. Though I m advised at the branch to ignore the Form 16A, as no TDS is shown on it, yet it is worth knowing facts as Form 16A is essentially a TDS crtificate and when there was no TDS involved, filling the form in such cases and sending it to customer separately does not arise at all.Obviously, since it is incometax return filing time for IT assesses using Form 16A figures in it, I am anxious to know what I should do in this situation.please look in to such issues seriously to avoid d a repetition of such mistakes by the concrned groups ofpeople in the bank itself, as i feel this is wrongly projected to NSDL eitherat the banch level or outside!!! I will expect anearly reply please. Thanks. …Kanaka Durga pamula. ...
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Complaint marked as Resolved 
Verified Support
Jul 14, 2014
IndusInd Bank Customer Care's response
Hi Kanaka, We apologize for the inconvenience. We have escalated the matter internally and it will be resolved soon. If you have any other query then write to us at [protected]@indusind.com with necessary details and somebody from our customer service team will call you at the earliest to assist you with the same. Regards, IndusInd Bank
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