Need A Financial Product Forums Tax Savings Will I need to pay tax on interest from i-wish

This topic contains 1 reply, has 2 voices, and was last updated by  Pravin Chandra 2 years, 3 months ago.

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  • #46761

    I am thinking of investing Rs. 4, 00,000 in I-wish account rather than keeping it in savings account. I-wish gives 9% interest for 13 months. Even if I prematurely withdraw it and pay 0.5% penalty, I will still gain more than a savings account. I want to know whether this interest will be deducted by bank or will I need to quote in ITR on my own.

    #46762

    Since I-wish is a type of RD, therefore like other RD accounts bank will not deduct tax on it. It will be your responsibility to show the amount of interest in your ITR.

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