ubank FAQs

Info on current ubank products

What’s withholding tax and when’s it deducted?

Withholding tax is deducted from the gross amount of interest paid to you. This automatic deduction only occurs when a valid Tax File Number (TFN) or TFN exemption code has not been provided.

If you provide your TFN or TFN exemption code mid-month, no withholding tax is deducted for that month.

In order to avoid withholding tax on joint accounts, both customers must provide a TFN or exemption code.