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How are fixed deposits taxed?

FDs are taxable according to your tax slabs.

What is the TDS applicable to FDs?

TDS is deducted at a rate 10the however, if you have not linked your PAN with FD then TDS is deducted at a rate of 20%

Can the TDS deduction be waived?

If you are an Indian resident, you can apply for a TDS waiver on interest earned from a fixed deposit by submitting Form 15G or Form 15H (depending on your age) to your financier at the start of the financial year.

These forms include a self-declaration that your estimated total income for the financial year is NIL, so no TDS will be deducted from your FD interest. Additionally, if your total income is below the minimum tax slab, you can claim a refund for any TDS that has been deducted.