Sanatan Prabhat > Post Type > Instructions To Seekers > Submit Form 15G or 15H to the Bank in the first week of April to avoid financial loss due to TDS from interest earned in Bank or Post Office accounts

Submit Form 15G or 15H to the Bank in the first week of April to avoid financial loss due to TDS from interest earned in Bank or Post Office accounts

Important information for Seekers, Readers, Well-wishers and Devout followers of Dharma

For financial transactions, the financial year is determined from 1st April to 31st March. (The next financial year starts from 1.4.2026.) To ensure that ‘TDS (Tax Deducted at Source)’ is not applicable, important instructions on submission of either Form 15G or Form 15H for the coming financial year are given ahead.

1. Ensure PAN is registered with the Bank : At the beginning of the financial year, everyone should confirm whether their PAN number is registered with the Bank. If it has not been registered, 20% of the interest amount will be deducted as TDS.

2. Form 15G

A. Individuals below 60 years of age whose estimated total income for the financial year is below the taxable limit, and whose interest earned on fixed deposits during the financial year is below Rs 2,50,000, should submit Form 15G.

B. As per the rule, if an individual is below 60 years of age and the interest earned on fixed deposits during the financial year is less than Rs 40,000, then TDS is not deducted.

3. Form 15H

A. Individuals aged 60 years and above whose estimated total income during the financial year is below Rs 3,00,000 should submit Form 15H.

B. Individuals aged 80 years and above whose estimated total income during the financial year is below Rs 5,00,000 should submit Form 15H.

C. As per the rule, if an individual is 60 years or above and the interest earned on fixed deposits during the financial year is less than Rs 50,000, then TDS is not applicable.

As per the provisions of the Union Budget 2025, for individuals in the above age groups, if the interest earned on fixed deposits during the financial year is less than Rs 1,00,000, TDS is not applicable.

While filling the forms, ensure which of the above rules is applicable to you.

D. Other information : For the financial year 2025-26, if an individual completes 60 years of age on or before 31st March 2026, he or she may submit Form 15H.

4. Common information regarding both forms : If fixed deposits are held in multiple Banks, Form 15G or Form 15H must be submitted in each Bank. If deposits are held in more than one branch of the same Bank, a separate form must be submitted in each branch.

Form 15G as well as Form 15H are available at Banks and Post Offices. The account holder must fill and submit two or three copies of the form to the Bank. One copy is retained for the Bank’s records and another is sent to the Income Tax Department. Since each Bank may have made slight changes in the layout of the forms as per its internal regulations, the forms should be obtained from the Bank where the account is maintained.

Some Banks provide the facility to fill Form 15G or Form 15H Online. If the concerned Bank provides Net banking services, this facility can be availed through it. If the forms are available on the Bank’s website, they may be downloaded, printed, duly filled in and submitted to the Bank.

5. Action to be taken if TDS is deducted : If the account holder wishes to claim a refund of the deducted TDS, the income tax return for the financial year in which the deduction was made must be submitted to the Income Tax Department. After verifying the account holder’s details, the Income Tax Department refunds the deducted TDS amount along with interest.

Keeping these points in mind, complete the above process in the first week of April to ensure that Tax is not deducted at source.

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