Last updated: 11 October 2026 · Rates checked against: Inland Revenue — Using the right RWT rate
Reviewed by Zia Shahid, Buzdy Banking Editor · Our methodology
In this guide
Your bank deducts resident withholding tax from interest before paying it. You choose the rate — and if you do not, the bank chooses for you, badly.
No IRD number given to the bank — RWT at the non-declaration rate of 45%.
IRD number given but no rate chosen — 33%.
IRD number given and the right rate chosen — 10.5% to 39%, by income.
Inland Revenue: "tax will be deducted from interest paid to you at a rate of 45%" where an IRD number is not provided.
The rates
| Your situation | RWT rate | How it is set |
|---|---|---|
| No IRD number provided | 45% | non-declaration rate |
| IRD number given, no rate chosen | 33% | default |
| Income up to $15,600 | 10.5% | elected |
| $15,601 – $53,500 | 17.5% | elected |
| $53,501 – $78,100 | 30% | elected |
| $78,101 – $180,000 | 33% | elected |
| Over $180,000 | 39% | elected |
Elected rates as listed by Inland Revenue, effective from 31 July 2024.
Two separate mistakes, two different costs
These are often confused. Not giving an IRD number at all costs 45%. Giving one but never picking a rate costs 33% — which is the wrong rate for anyone whose income puts them at 10.5% or 17.5%.
Someone earning under $15,600 who never chose a rate is paying more than three times what they need to.
Fixing it
Both are fixed the same way: tell the bank your IRD number and choose the RWT rate matching your income. Banks generally allow this in online banking.
Frequently asked questions
What is the non-declaration rate?
45%, applied where no valid IRD number has been given to the payer.
What happens if I give my IRD number but pick nothing?
Inland Revenue states tax is deducted at 33%.
Can I get an over-deduction back?
RWT is deducted on account of your income tax. Where too much has been taken, that is dealt with through your end-of-year tax position.
Which rate should I pick?
The one matching your total annual income, from the table above.
Sources
This is information, not tax advice. The figures above were checked against the source named at the top of this page on 11 October 2026. Tax rules change, usually with each annual budget. For a decision about your own money, speak to a qualified tax adviser in your country.
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