Yes, the interest you get from your investment in a fixed deposit is fully taxable. The gains are added to your total income under the ‘income from other sources’ section, and you must furnish these details in your ITR (Income Tax Returns) while filing the returns. The interest is taxed as per the tax slab you fall under.
However, as an investor, you must know that Fixed Deposit is an invaluable investment in your portfolio. It is one of the safest investments in India as it gives you assured returns. Also, if you open an FD account with Mahindra Finance, you get high interest returns per annum.
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