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Do not report the entire fixed-deposit maturity credit as interest. Split the bank payment into the principal you originally deposited, the interest earned under the deposit terms, and any tax deducted at source (TDS). Use the bank’s fixed-deposit advice or certificate, interest certificate, passbook and statements to establish the interest figure; compare it with the Annual Information Statement (AIS) and use Form 26AS to verify TDS credit. Enter gross deposit interest in the return’s interest-income schedule and claim TDS separately. The correct year of recognition for a cumulative deposit can depend on the tax year, deposit terms and your circumstances, so do not assume that every cumulative FD is taxed only at maturity or always annually.
What the maturity credit actually contains
A fixed-deposit maturity payment normally combines the amount you placed with the bank and the return generated under the deposit contract. Your tax return is concerned with the income component, not simply the amount that arrived in your savings account.
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| Amount shown in bank records | What it represents | How to use it while reconciling |
|---|---|---|
| Opening principal | The money originally placed in the FD | Keep it separate from income; it is not interest merely because it is included in the maturity credit. |
| Interest paid, credited or otherwise shown by the bank | The return generated under the deposit terms | Use the bank certificate, FD advice and statements to identify the gross interest figure for the relevant year. |
| Gross maturity proceeds | Principal plus the amount payable under the FD terms | Use as a cross-check, not as the interest entry in the return. |
| TDS | Tax withheld by the bank, where applicable | Claim it as a tax credit only after checking the amount available in Form 26AS. |
| Net amount credited | What reached your account after any withholding | Do not use the net credit as gross interest or as the TDS figure. |
For example, if an illustrative FD returns ₹520,000 at maturity from an original ₹500,000 deposit, the apparent difference is ₹20,000 before considering any withholding or the exact calculation shown by the bank. The return should not show ₹520,000 as interest. The bank’s certificate and deposit ledger determine the figure to report and the period to which it belongs.
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The Income Tax Department’s ITR-2 filing guidance points filers to bank records when calculating FD interest. Assemble one record set for every deposit that was active, renewed or matured during the relevant financial year.
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- FD advice, receipt or deposit confirmation showing principal, start date, maturity date, rate and whether the deposit is cumulative or pays periodic interest.
- The bank’s annual interest certificate or a certificate that separately identifies interest paid or credited.
- Passbook entries and bank-account statements showing interest credits, maturity proceeds, renewals, premature-closure payments or transfers.
- Form 16A or another bank-issued TDS certificate if tax was deducted.
- AIS for the relevant assessment year.
- Form 26AS for the same period, used principally to verify TDS/TCS data.
- Evidence of ownership, including the holder names and operating instructions for a joint deposit.
Save the documents by financial year rather than by the date on which you downloaded them. A certificate downloaded after the return deadline can still relate to an earlier financial year, and mixing years is a common cause of apparent mismatches.
Build a deposit-by-deposit reconciliation
One total copied from a maturity message is not enough. Create a working schedule that preserves the distinction between principal, interest, maturity proceeds and TDS.
| Column | Entry to capture | Why it matters |
|---|---|---|
| Deposit identifier | FD or receipt number and the linked bank account | Prevents two deposits with similar amounts from being combined. |
| Relevant financial year | The year covered by the certificate and statements | Ensures AIS, 26AS and return entries are compared for the same period. |
| Opening principal | Original or renewed principal | Separates capital returned from income. |
| Interest description | Interest paid, credited, accrued or shown on the certificate | Preserves the bank’s wording for later investigation of timing differences. |
| Gross interest | Amount before TDS | Usually the figure needed in the interest-income schedule, subject to the rules applicable to your year and facts. |
| TDS | Tax withheld according to the certificate and 26AS | Allows you to claim only supported tax credit. |
| Maturity or closure proceeds | Total paid on maturity, renewal or premature closure | Lets you test whether principal plus the bank-reported return explains the credit. |
| Difference and explanation | Any variance and the document that explains it | Creates an audit trail instead of an unexplained adjustment. |
For a renewed FD, record the old deposit’s closure or renewal separately from the new principal. A renewal may not create a transfer to your savings account, so the absence of a visible cash credit does not mean there was no maturity event or interest calculation. Use the bank’s renewal advice and interest certificate to identify what happened.
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Seven-step workflow for matching the return, AIS and Form 26AS
1. Fix the filing year first
Write down the financial year covered by each bank certificate and the corresponding assessment year for the return. Check whether a statement covers April through March, a shorter period after account closure, or a certificate generated for a date range selected in online banking. Do not compare a calendar-year certificate with an annual tax statement without confirming the periods.
2. List every relevant FD
Include deposits that matured, were renewed, paid periodic interest, were closed early or remained active. For each one, note the holder, principal, dates and interest description. A deposit can be absent from a maturity list yet still generate interest during the year.
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3. Calculate gross interest from primary bank records
Start with the FD advice, interest certificate, passbook and account statements. The Income Tax Department specifically identifies passbooks and FDRs as records for calculating FD interest. If the certificate gives separate amounts for different deposits, retain that breakdown rather than adding rounded figures from a mobile notification.
4. Download AIS and Form 26AS for the same year
From assessment year 2023–24 onward, Form 26AS displays TDS and TCS-related data, while other reported taxpayer information is available in AIS. AIS also provides a facility for taxpayer feedback. Treat the two statements as complementary: review AIS for the reported transaction or interest information, and use 26AS to check whether the bank’s TDS has reached the tax-credit statement.
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5. Compare like with like
Match interest with interest, TDS with TDS and principal with principal. A bank’s gross maturity figure should not be compared directly with an AIS interest entry. Confirm the PAN, bank account, FD holder, financial year and whether the number refers to interest paid or credited, a reported amount, or a full-period accrual.
6. Resolve discrepancies before filing
Trace any difference back to the deposit and statement period. Check for a missed FD, duplicate renewal, premature closure, joint-holder attribution, a certificate covering a different date range, or a TDS correction submitted by the bank. If the bank’s report is wrong or incomplete, contact the bank or deductor and retain the correspondence. Use the AIS feedback function where the reported information requires a taxpayer response.
The Department’s filing guidance states: “If you see any discrepancy, you should reconcile it with the Employer / Tax Deductor / Bank.” Do not claim a TDS amount solely because it appears on a bank certificate if the credit is missing from Form 26AS; seek correction and follow the current filing instructions.
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7. Enter income and tax credit separately
Report the gross deposit interest in the applicable interest-income section of the return. Claim the matching TDS as tax credit in the TDS schedule, limited to the amount reflected in Form 26AS. Review the computation after both entries are saved: adding the bank’s net credit as income or entering TDS as a reduction to interest will distort the result.
How AIS and Form 26AS differ
| Statement | Primary use in FD reconciliation | What a mismatch means |
|---|---|---|
| AIS | Review broader information reported about you and provide feedback where an entry is inaccurate or needs clarification. | The reported amount may cover a different period, deposit, holder or reporting category than the bank certificate. |
| Form 26AS | Verify TDS/TCS data available for credit in the return. | A bank certificate alone does not establish that the same TDS can be claimed; the credit should appear in 26AS under the relevant PAN and year. |
An AIS entry can therefore be useful even when it does not equal the exact number you placed in the return. Investigate the underlying record rather than forcing the return to match an unexplained aggregate. Conversely, a 26AS TDS entry is not a substitute for calculating gross interest: it proves withholding reported for credit purposes, not the principal-interest split in your maturity payment.
Entering FD interest in the ITR
The exact form depends on facts not specified by the title, including residential status, total income, sources of income, ownership and the filing year. Select the form notified for your assessment year and read its instructions before copying figures.
For assessment year 2026–27, the notified ITR schedules include Schedule OS with “Interest, Gross” and a line for interest from deposits. That label is a useful guide to where gross FD interest belongs for that year; it should not be assumed to be the correct screen or field for every other assessment year.
- Open the return form applicable to your facts and select the relevant assessment year.
- Go to the income-from-other-sources or equivalent interest-income section.
- Enter the gross deposit interest supported by your bank records, not the net amount after TDS and not the full maturity proceeds.
- Open the TDS schedule and enter or import the bank’s TDS details.
- Compare the TDS credit with Form 26AS. If the return limits or rejects a credit that is not reflected there, do not override the mismatch without obtaining a corrected report.
- Review the tax computation and retained records before submitting and verifying the return.
If the bank certificate groups several accounts, keep your own deposit-level worksheet. The return may accept an aggregate number, but you should be able to explain how that number was assembled if the statement is later questioned.
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Cumulative FD interest: why timing cannot be assumed
Cumulative deposits usually pay the contractual return at maturity, but bank reporting and taxpayer-level tax recognition are not automatically identical concepts. Official reporting guidance describes interest paid or credited during a financial year and gives financial institutions instructions for reporting it. That reporting description, by itself, does not settle every question about when a taxpayer must recognize interest on a cumulative deposit.
Before deciding which year contains the income, check:
- The assessment year and the tax provisions applicable to that year.
- Whether the bank statement describes interest as accrued, paid or credited.
- The deposit contract, compounding frequency and maturity date.
- Whether the deposit was renewed, prematurely closed, assigned or transferred.
- Your accounting method and any facts that affect recognition.
Do not make a blanket statement that all cumulative-FD interest is taxable only when cash reaches the account, and do not assume that every deposit must be divided into annual amounts without checking the governing rules. Where the timing changes the reported income materially, obtain year-specific professional advice and preserve the bank’s calculation.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Illustrative reconciliation examples
Deposit matures and pays the holder
| Item | Illustrative amount | Return treatment |
|---|---|---|
| Original principal | ₹500,000 | Not reported as interest. |
| Gross interest shown by bank | ₹20,000 | Candidate gross deposit-interest entry, subject to the applicable year and facts. |
| Gross maturity proceeds | ₹520,000 | Reconciliation total, not the interest entry. |
| TDS shown in 26AS | ₹2,000 | Claim separately as TDS credit, limited to the reflected amount. |
| Net bank credit | ₹518,000 | Explained by proceeds less the reported TDS; do not enter as gross interest. |
The figures above are a calculation example, not a tax-rate or threshold statement. Your bank’s certificate controls the actual amounts.
Certificate and AIS cover different totals
Suppose your certificate shows ₹18,400 for one FD, while AIS shows ₹20,000 under a bank reporting entry. Check whether the AIS amount includes another deposit, a renewed FD, interest from a linked account, or a different period. Do not simply replace the certificate figure with the AIS total. Identify each underlying transaction, provide feedback where appropriate and correct the bank’s report if the bank confirms an error.
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TDS appears on the certificate but not in 26AS
Retain the certificate, verify the PAN and financial year with the bank, and request correction of the deductor’s statement. The tax-credit rules described by the Department restrict the credit claimed in the return to the amount appearing in Form 26AS. Until the statement is corrected, entering the missing amount can create a tax-credit mismatch.
Common mismatch causes and practical fixes
| Symptom | Likely cause | Action |
|---|---|---|
| Form 26AS TDS is lower than Form 16A | The bank reported an incorrect amount, PAN or year, or the statement has not yet been corrected. | Ask the bank to verify and revise its TDS statement; claim only the credit available under current filing rules. |
| AIS interest exceeds the maturity interest | AIS aggregates more than one deposit or includes another interest report. | Download the transaction details, match each deposit and retain the reconciliation. |
| No maturity credit appears in the account | The FD renewed automatically or interest was paid periodically. | Use the renewal advice, interest certificate and deposit ledger rather than relying on the savings-account statement alone. |
| Interest appears in the wrong year | The bank certificate and tax statement cover different periods, or the description is paid/credited rather than accrued. | Confirm the financial year, wording and deposit terms before changing the return entry. |
| Joint FD is attributed to one holder | Bank reporting follows account-holder instructions that may not resolve beneficial ownership. | Review ownership, contribution and applicable rules; do not assume first-holder reporting settles the income allocation. |
| Net maturity amount was entered as interest | TDS or principal was not separated from the bank credit. | Rebuild the schedule from the FD receipt and certificate, then re-enter gross interest and TDS separately. |
Joint deposits and ownership
Joint-account reporting instructions can help explain why a bank report is associated with a particular holder, but the name displayed by the bank is not always the final answer to beneficial ownership. Consider who supplied the funds, whose money generated the return, the deposit mandate and any applicable attribution rules. Keep contribution evidence and written allocation records where ownership is shared.
Do not split interest mechanically by the number of names on the FD. If the bank’s AIS or TDS report assigns the full amount to one PAN while the economic ownership is disputed, resolve the records and obtain advice before filing inconsistent income and credit claims.
Return form, residence and tax-regime limits
The reconciliation method does not determine whether you can use a particular ITR form or which tax regime applies. Those decisions can depend on residential status, total income, business or professional income, ownership of assets, other sources and the assessment year. The same bank statement may therefore be used in different return forms by different taxpayers.
Use the form and schedules notified for the actual year. The presence of a gross-deposit-interest field in the assessment year 2026–27 schedule should not be generalized to an earlier or later year without checking that year’s notification and instructions.
Final pre-submission checklist
- Every FD active, matured, renewed or closed during the financial year is listed.
- Principal, gross interest, maturity proceeds, net credit and TDS are separate columns.
- The bank certificate, FD advice, passbook and statements support the gross-interest total.
- AIS and Form 26AS were downloaded for the same financial year and PAN.
- AIS entries were matched to underlying deposits, with feedback submitted where needed.
- TDS claimed in the return does not exceed the amount reflected in Form 26AS.
- Any bank or deductor correction request is documented.
- Joint-holder allocation is supported by ownership facts rather than a mechanical split.
- Cumulative-interest timing was checked against the applicable year, deposit terms and recognition rules.
- The selected ITR form and tax regime were verified for the taxpayer’s full circumstances.
- Copies of certificates, statements, worksheets and correspondence are retained with the filed return.
When specialist help is sensible
Consider year-specific tax advice when a cumulative FD spans several years, a large mismatch remains after the bank’s correction process, a deposit is jointly owned but funded unequally, a non-resident or unusual residential-status rule may apply, or the deposit was assigned, pledged, prematurely closed or renewed repeatedly. A professional can help interpret the applicable law, but the underlying bank records still need to be collected and reconciled.
The practical rule
Reconcile the deposit, not just the bank credit. Establish the gross interest from the FD records, separate the principal returned, use AIS to review reported information, use Form 26AS to substantiate TDS, and correct discrepancies before submitting the return. Where the timing of cumulative interest or ownership is unclear, treat it as a year-specific tax question rather than applying a universal maturity-only rule.
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