To visit our service portal
Introduction
When you invest in a fixed deposit, you earn interest on your invested principal amount. This interest earned on your deposit is considered as your income and is therefore taxable. Banks and NBFCs deduct TDS (Tax Deducted at Source) on the interest you earn on your invested amount. If your total income is below the basic exemption limit, you could apply for a TDS waiver by submitting Form 15G or Form 15H. However, as per the Income Tax Act, 2025 and the draft rules released by the Government, effective 1 April 2026, Form 15G and Form 15H will be replaced by a single consolidated Form 121.
What is a Form 121?
Form 121 is a self-declaration form that you submit to the financial institution requesting not to deduct TDS on the interest income.
If you’re below 60 years of age and your total income is below the taxable limit, you should submit Form 121 for TDS waiver. However, if your age is 60 years or above, it is advisable to submit a Form 121 for TDS waiver.
If you’ve invested in our fixed deposit, you can download Form 121 and apply online for a TDS waiver. All you must do is go to our customer service portal and follow these easy steps:
- Click on ‘Sign-in’ on this page to go to Service portal.
- Sign-in with your registered mobile number and the OTP.
- Enter your date of birth for verification and proceed.
- Select the deposit for which you want to submit Form 121.
- Click on the ‘Submit Form 121’ option within the ‘Quick Actions’ section.
- View your Form 121 and click on ‘Proceed’.
- Enter any additional information that is needed.
- Verify with the OTP received on your registered mobile number and proceed with submission.
Our customer portal allows you to apply online for a TDS waiver by submitting Form 121. You can also download your Form 121 and submit this pre-filled form at our nearest branch and apply for a TDS waiver.
Eligibility Criteria for Using Form 121
Form 121 are self-declaration forms used to avoid tax deduction at source (TDS) on interest income.
Eligibility for Form 121:
- You must be an individual or a Hindu Undivided Family (HUF).
- You should be a resident of India.
- Your age must be below 60 years.
- The total income should be below the basic exemption limit, which is ₹2.5 lakh for the financial year.
- The total interest income for the year should be less than the basic exemption limit.
Step-by-Step Guide to Downloading Form 121
Downloading Form 121 is a straightforward process. Follow these steps:
- Visit the Official Website: Go to the Income Tax Department's official website at www.incometaxindia.gov.in.
- Navigate to Forms: Click on the 'Forms/Downloads' section available on the homepage.
- Select the Relevant Form: Search for Form 121 in the list of forms provided.
- Download the Form: Click on the desired form to download it. The form will typically be in PDF format.
- Save the File: Save the downloaded form on your device for printing and filling out.
Alternatively, you can obtain these forms from your bank's website. Log in to your internet banking account, go to the 'Services' or 'Tax' section, find the form, and download it.
By following these steps, you can easily access and download Form 121 for submission.
How to Fill Out Form 121 Correctly?
To fill out Form 121 correctly, follow these steps:
- Personal Details: Enter your name, PAN, and residential status.
- Declaration: Specify the financial year, and declare that your total income is below the taxable limit.
- Income Details: Provide details of income for which the form is being submitted, including interest income.
- Previous Year Income: Mention your income details from the previous year.
- Signature: Sign the form and date it. If you are submitting Form 121, ensure you mention your age as 60 years or above.
Submit the filled form to your bank or financial institution to avoid TDS deductions.
What happens if you forget to submit form 12B/15G/15H
Submitting the required tax forms on time helps ensure correct tax calculation and avoid unnecessary deductions. If you forget to submit Form 12B, Form 15G, or Form 15H, it may impact how your income or interest earnings are processed for tax purposes.
Here is what may happen:
| Form | What happens if you do not submit it |
| Form 12B | Your new employer may not have details of your previous salary income and tax deductions. This may affect your final tax calculation. |
| Form 15G | Tax may be deducted at source (TDS) from your interest income if you are eligible but have not submitted the declaration. |
| Form 15H | Senior citizens may face TDS deduction on eligible interest income if the declaration is not provided on time. |
If extra TDS has been deducted, you may claim a refund while filing your income tax return, subject to applicable tax rules.
Do you need to submit the form every year
Yes, Form 15G and Form 15H need to be submitted every financial year if you meet the eligibility conditions. These forms are valid only for one financial year and do not get renewed automatically.
Keep these points in mind:
- Submit at the beginning of the financial year: This helps avoid unnecessary TDS deductions on eligible income.
- Check your eligibility: Submit these forms only if your total income and tax liability meet the required conditions.
- Provide correct details: Ensure information such as PAN, income details, and declaration details are accurate.
- Submit separately if required: If you have deposits with multiple financial institutions, you may need to submit forms wherever applicable.
Form 12B is different. It is usually submitted when you change jobs during a financial year to share your previous employment and salary details with your new employer.
Need help with investments? Start here.
Frequently Asked Questions
Form 121 Basics
Download & Submission
Filling & Deadlines
What is Form 121 used for?
Form 121 is a self-declaration form that you can submit to avoid TDS on your FD interest income. If your age is below 60 years and you fall below the taxable income slab, you should submit Form 121 for a TDS waiver. However, if you’re 60 years or above, you must submit Form 121 for a TDS waiver. You can submit Form 121 to apply for a TDS waiver if your total income is below the taxable limit.
Who is eligible for Form 121?
If your age is 60 years or above and your total income is below the taxable limit, you can submit Form 121 for TDS waiver. You can also apply for a TDS waiver by submitting the form if your total income is below the taxable limit.
Is it mandatory to submit Form 121 for my fixed deposit?
It isn’t mandatory to submit Form 15G/ H for your fixed deposit. You submit Form 121 only if your total income is below the taxable limit and you want to avoid TDS on your deposit.
How can I download Form 121 from Bajaj Finance?
To download Form 121 from Bajaj Finance, visit their official website and log in to your account. Navigate to the 'Forms' or 'Downloads' section, search for Form 121, and click on the download link. Alternatively, contact their customer service for assistance or visit the nearest branch to obtain the form.
Can Form 121 be submitted online?
Yes, Form 121 can be submitted online. Most banks and financial institutions offer the facility to submit these forms through their internet banking portals. Log in to your account, navigate to the relevant section, fill out the form, and submit it electronically for convenience.
What documents are required to submit Form 121?
Form 121 requires your personal details, such as name, PAN, address, and contact information, along with the financial year, your estimated income for which the form applies, your total estimated income, and a signed declaration confirming your eligibility to submit this TDS exemption form online.
What information is required to fill out Form 121?
Form 121 requires your personal details such as name, PAN, and residential status. Additionally, you'll need to declare the financial year, specify the income for which the form is being submitted, and provide your total income details from the previous year. Lastly, ensure you mention your age as 60 years or above and sign the form.
What is the last date for submitting Form 121?
There’s no due date for your Form 121 submission. However, you must submit your Form 121 at the time of opening a new FD. You can also submit at the beginning of the financial year for your ongoing deposits.
What happens if I do not submit Form 121 before the deadline?
Form 121 should ideally be submitted at the beginning of the financial year or before the first interest payment to avoid TDS deductions. However, they can be submitted any time during the year. It is advisable to check with your bank or financial institution for any specific deadlines.
Articles Insights
Disclaimer
While care is taken to update the information, products, and services included in or available on our website and related platforms/websites, there may be inadvertent inaccuracies or typographical errors or delays in updating the information. The material contained in this site, and on associated web pages, is for reference and general information purpose and the details mentioned in the respective product/service document shall prevail in case of any inconsistency. Subscribers and users should seek professional advice before acting on the basis of the information contained herein. Please take an informed decision with respect to any product or service after going through the relevant product/service document and applicable terms and conditions. In case any inconsistencies observed, please click on reach us.
*Terms and conditions apply.