Tax on Sweep In BANK FDs

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Taxation on Sweep In BANK FDs

A 'sweep-in FD' is a time deposit and the interest earned from it is taxed as per the interest from regular FDs

Sweep-In FD is a time deposit, the interest from which will be treated the same way as interest from another regular FD. It is just that this fixed deposit is created automatically. The interest earned on fixed deposit will be added to your income under the head 'Income from other sources' and taxed as per your slab rate. As it is a term deposit, Section 80TTA is not applicable to Sweep-In FD. Section 80TTA is applicable only to your savings account where interest income upto R10,000 earned during a financial year can be claimed as exemption.

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