Information to Customers for TDS recovery (For Senior Citizen)

Dear Valued Customer,

Greetings from AU Small Finance Bank!

We are writing to update you regarding TDS recovery.

As per Section 194A of the Income Tax Act, the bank is liable to deduct Tax Deducted at Source (TDS) on interest on term deposits if the threshold limit of Rs. 50,000/- is crossed during the Financial Year (FY).

With the merger of Fincare Small Finance Bank and AU Small Finance Bank, the threshold limit of Rs. 50,000/- will be considered on a consolidated basis from FY 2024-25 onwards.

According to our records, the interest paid/compounded on your deposits has crossed the threshold limit of Rs. 50,000/- on a consolidated level (interest from AU Small Finance Bank Ltd. + interest from Fincare Small Finance Bank, amalgamated with AU Small Finance Bank Ltd. with effect from 1st Apr 2024). Therefore, applicable TDS has been recovered/will be recovered (if any) after considering the interest amount on an aggregate basis.

This TDS amount will be deposited with the Income Tax Department and will be reflected in your Form 26AS after AU Small Finance Bank files the TDS return, allowing you to claim this amount while filing your Income Tax Return (ITR).

Thank you for being our valued customer.

If you have any queries or require further assistance, please contact us at:

- Write to us at [email protected]

- Call us on the toll-free number: 1800 1200 1200

We look forward to always offering you the best of our services.

AU Small Finance Bank