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Message: <blockquote data-quote="warwickuni" data-source="post: 22581812" data-attributes="member: 101444">wrong calculation. Your interest is on the sum deposited. But WHT is 2.5% of the interest . eg if 10k is deposited the interest before deduction @13.5% is 1,350/- but 2.5% of 1,350 is deducted approx 33.57 will be deducted. This is a final tax and all the banks are required to do so. WHT was introduced more than two decades ago and interest rate varied from time to time . At that time if you declare that you are not a tax payer this amount was not deducted, but in recent 5 years this has got changed.</blockquote>

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