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 can apply for a TDS waiver by submitting your Form 15 G/ H.
What is a Form 15G/ H?
Form 15G/ H 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 15G for TDS waiver. However, if your age is 60 years or above, it is advisable to submit a Form 15H for TDS waiver.
If you’ve invested in our fixed deposit, you can download Form 15 G/ H and apply online for a TDS waiver. All you must do is go to our customer portal – My Account and follow these easy steps:
- Click on ‘Sign-in’ on this page to go to My Account.
- 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 15G/ H.
- Click on the ‘Submit Form 15G/ H’ option within the ‘Quick Actions’ section.
- View your Form 15G or Form 15H 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.
My Account – our customer portal allows you to apply online for a TDS waiver by submitting Form 15G/ H. You can also download your Form 15G/ H and submit this pre-filled form at our nearest branch and apply for a TDS waiver.
