I have got Fixed Deposit on Oct. 2016. It got renewed, to avoid TDS deduction in the FD before next maturity, can i file Form 15 G now?
From India, Hyderabad
Form 15G and Form 15H are submitted to prevent banks from deducting TDS on the interest earned on a Fixed deposit if the total interest income is not more than the prescribed limit. Although Fixed Deposits maybe the safest form of investments, they are not immune from tax deductions at the source. Basically a fixed deposit will pay out the interest upon maturity and if the interest earned through such fixed deposits crosses Rs. 10,000 for regular deposit holders and Rs.50,000 for senior citizens, the bank will deduct TDS. To avoid this, a depositor will have to file the 15G & 15H forms at the start of the fiscal year with the bank itself. With the simplification of this process in place, investors can now file these forms electronically and avoid the hassles that come with filing forms physically.
When to submit form 15G: If the total interest income earned from fixed deposits is less than the prescribed limit of Rs.10,000 in a given financial year, form 15G for fixed deposit will have to be submitted.
When to submit form 15H: In case the total income earned is less than the given limit of Rs.50,000 for senior citizens, in a particular financial year, form 15H will have to be submitted.
Let us now take an example and understand how to fill and submit form 15G & 15H in SBI:
• Log on to the SBI internet banking portal and login with credentials
• Click on the ‘e-Services’ portal and then proceed to tap the ‘Submit 15G/15H’ option
• There will be both the forms displayed. For example, if you want to submit form 15G in SBI, click on the same
• Then fill in details and click on ‘Submit’

From India,

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