Form 15G and Form 15H for fixed deposits

Form 15G and Form 15H are used for averting / reconciling the TDS deduction on interest earned during the financial year on fixed deposits in Banks. Below is the explanation as to how it works.

How these forms works & and what is their purpose

In routine banking process, the Bank will deduct tax at source on the interest earned on Fixed Deposits, if it is above Rs. 10000 Per Annum. The TDS is deducted at the rate of 10% (w.e.f.1-4-2010 If PAN will not be furnished then TDS will be deducted @ 20%). Hence to get the income tax refund, you have to file the income tax return. To avoid this process, you have to declare that you have not any taxable income. The main and only purpose of these forms is to submit declaration in writing in duplicate that there is not tax payable on his total income. In this case the payer shall not deduct any tax at source.

  • Form 15H must be used above 65 years old individual.
  • Previous year income should not be taxable.
  • Form 15H should be submitted before the first payment of interest on fixed deposit.

Form 15G

Form 15G is same like Form 15H difference is only that form 15G is for every individual below  65 years of age

The duty to submit these forms with assessee before end of the financial year or first payment of interest whichever is earlier.

The payer is under an obligation to deduct tax until the declaration in Form No. 15 G/15H is received and in the event that such form is not received till the end of the financial year, the failure to deduct tax amounts to violation of this section.

A sample of both the type of forms can be downloaded from the links provided in the below table.

Specimen Of Form 15h & 15g Free Download
Form 15 G download in excel Format Form 15 G in XLS Format
Form 15 H download in excel Format Form 15 H in XLS Format

Read more here: Income tax on fixed deposit interest in India

48 comments to Form 15G and 15H for fixed deposits

  • Umapathi Rao

    I am a senior citizen. I stay in own house and have paid tax to Municipality. I want to know whether

    (1) the tax paid for house can be deducted from the income for calculation of income tax.

    (2) any exemption towards maintenance of house

  • Jogesh Sharma

    Sir,
    I have an account in S.B.I. There are no fixed deposits. I am working in abroad & every month I am depositing 50,000 rupees in my account from abroad. Do I need to fill any forms like 15G or 15H and submit to S.B.I? Please update me?

  • Geetika

    Hi,

    My Mom is a Home maker and not a senior citizen. I am a services girl and for my mother future security, i want to have a Fixed deposit on her name of around rs. 700000/- with a bank.
    if interest rate avail at 10% then interest for a year would be Rs 70000/- and TDS at 10% means 7000/- Rs
    Please suggest can i avoid paying Tax of Rs.7000/- by submitting form 15G.
    if Yes, am i liable to IT department for any kind or query or investigation.

    Regards
    Geetika

  • Maltiben

    I want to know is it necessary to mention ALL FIXED DEPOSITS in form 15H? i.e. suppose if one has opened 30 FDs in a year, then it is compulsory to mention full description (i.e. fd no., date opened, principal amt, etc.) of the FD in the form 15H or just last 3-4 FDs description will be sufficient?

  • Sameera

    I have an income of around 60k per month and have recently started working for 8 months now. Every month tax is deducted from my income. My family has kept few FDs in my name. In 2 or 3 banks, the interest exceeds Rs. 10,000 respectively. One bank employee said I can submit 15 G form. He said salary income and fixed deposit incomes are different. Please advise.

    • Financial Advisor

      Both will add up in your total income. You can submit form 15 G but you will have to pay tax as per your total income whether it is deducted through TDS or paid otherwise

  • Risi

    bank has deducted tds @10% on rs 150000. can i submit form 15g now and get tax back?

    • Financial Advisor

      You cannot get back the TDS deducted from bank now, however you can claim refund from Income tax department when your submit your return and had paid Tax in excess

  • bhaskar

    sir,
    i have a fd’s of 3 lakhs in 3 different banks and total interest i am getting appxo 27,250/- do i need to submit 15g form? and i am salaried person and no tax is deducted on my salary.

  • jyoti

    In form 15 G what i have to write in present ward/circle. I had searched using PAN no. but i didn’t understood what should be filled

  • Rita Mondal

    I have invested Rs. 3 lakhs in one Bank FD in 2013-14. I had 3 more FDs taken in 2010-11 and 2011-12 totalling Rs. 3 lakhs which is maturing in 2013-14. For the above 4 FDs, I have submitted 15G in 2013-14. My husband is a govt employee and regularly file income tax return. My son is also employed in IT sector and file his tax return. In connection with above, IT office had sent me a letter asking me about my source of income and whether I file tax return or not etc.
    I earn some amount by doing tailoring jobs and making soft toys at home which does not exceed Rs. 40,000/- per year. Moreover, both my husband and son gave some money on monthly basis for my own expenses which I saved and invested.
    My question is, am I at fault for investing in FD and submitting 15 G? I have replied the letter of IT Officer, mentioning the above fact. Can they take any penal action against me or my husband for submitting 15G ?
    Waiting your early reply.
    Rita Mondal

    • Financial Advisor

      As you have provided them the facts no penal action will be taken. Form 15 G is just to notify bank not to deduct TDS as you are not in the income tax bracket, that is true in your case. The money you receive from your husband and son will be added in your total income for tax purpose.

  • Narayanan sn

    I have invested bank FD FOR APPRX 3000000 ( THIRTY LACKS ) whether I can Form 15H for entire money or any limit is there. Please explain

  • dilkhush meena

    hi, i have interest income of rs 250000 per year , can i submitt 15 g if i invrst 60000 in 80cc. if yes or no plz reply me

  • ESWAR

    Sir, Gone through Your great Web Forum!

    I NEED A DETAILED CLARIFICATION ON A TDS RELATED ISSUE.

    I have Invested Rs.5 Lakh Rupees on my Mother’s name in a Bank. The Bank currently Offers Fixed Deposit @ 10% P.A. as Interest. My Plan is to Upgrade it to Atleast 11 Lakhs Over next 3 Years @ 2 Lakh/Year.

    My Mother is a Senor Citizen and 68 Years Old.

    My Query is:

    1. Is this Investment Attracts TDS? and What will be the TDS amount upto 12 Lkhs?
    2. If yes, Can I completely Avoid TDS?
    3. Should I have to Split the FD at different Banks or Can I continue FD with a Single Bank account?
    4. In case, If I Invest in my Name, (I am 36 Yrs old), What will be the Maximum TDS as per current Rules?

    Kindly Clarify the above queries as early as Possible.

    Thanks in Advance

    • Financial Advisor

      pls find the answers
      1. Is this Investment Attracts TDS? and What will be the TDS amount upto 12 Lakhs?

      Yes it will attract TDS. TDS will be deducted @20% on interest portion

      2. If yes, Can I completely Avoid TDS?

      You can completely avoid TDS deduction if you give form 15H to the bank

      3. Should I have to Split the FD at different Banks or Can I continue FD with a Single Bank account?

      You can continue with single bank account.

      4. In case, If I Invest in my Name, (I am 36 Yrs old), What will be the Maximum TDS as per current Rules?

      TDS will be deducted @ 20%

  • G.V.N.Prasad

    Please inform me , whether filing of IT return on ITR-2,is compulsory , in cases , where Form 15-G / H is periodically submitted to the banks every year , by the non- tax payers ( ie. whose inst.income below tax range ) and whose interest on deposits exceed Rs. 10,000/- per year.
    Thanks,
    G.V.N.Prasad

  • Rumit Sharma

    Hi,
    I have invested 30k as an FD in my SBBJ account on 26-Dec-2012 and shown that as a tax saving FD in my Income Tax Return?

    Now My question is :
    1) I have done the FD for 5 years so The Date of Maturity is 26-Dec-2017 when i will be getting the matured amount and the interest will be earned is above 15k on this amount. So do i need to fill the form 15G to save the TDS on it?

    2) Do i need to fill 15G for every year till it get matured or only once?
    3) When i have to fill the 15G form now or the year when the FD will Get matured?

  • subbu

    hi i have a small doubt. i am 23 years old. i have 1 crore rupees.i want to fixed deposit total money in a reputed bank. my doubt is Am i eligible to submit 15G form? what is the reason?

  • ravi

    yes u can submit form 15G if u do not fall under taxable limit.also an fd of
    rs 15000 wil not earn interest above rs 10000 per year, so the bank will not dedut
    tds at all , provided u have interest income not exceeding rs. 10000.

  • Nandan Phirangi

    Hello,

    My annual income is Rs 2,20,000 and have FD of Rs 15,000 at interest rate of 7.75 % in HDFC. I have sumbitted form 16 for this year.
    Please let me know if I am eligible to submit Form 15G to avoid TDS or not?

    Thanks & Regards,
    Nandan Phirangi

  • Manjeet Negi

    My source of income is agriculture (Rs.1,500,000)Taxfree.
    I`ve made a fixed deposit of rs 200,000 @ 9 %.
    Will there be a tds on the interest, even after submiting form 15G?

  • sir
    I,am 70 year old i am getting income from the rent of property 70000 per anom
    and interrest from fixed deposit about 80000 total income is 150000
    my husband is a retired govt servent and getting pension he is regularly filling return
    my querry is weather to submit form no 15 H for not deduction of TDS

  • NILESH

    i am salaried person and my incomtax deduction is nil. i have FD of combine account of myself and mother. if interest is more than 10k and if i fill this 15G form.. than there should be any deduction from bank with this FD?

  • ARJUN

    I am 60 years old pensioner and according to notification of GOI, age for senior citizen has been reduced from 65 to 60 years. Tell me which form is to be filled & submitted to bank for not deducting tds on my fixed deposits

  • VCS SWAMY

    if i have 5 deposits in icici bank , shall i need to submit one 15g or 5 nos of 15g

    VCS SWAMY

  • subhash bhaskar

    can anybody tell me how much ceiling of form 15g/h. my interest income is more than 2 lacs in a year can i subbmit these form.

  • Manoj Kumar

    Dear Sir,

    I have question regarding 15G ?

    what is the limit of exemption after submiting 15G ? Like of what amount Senior citizen get the exemtion on interest on FD after giving 15G, what is the limit on interest ?

  • Saurabh

    Hi ) I am working in Bahrain (middle east) from July 2011 and have FD in HDFC which will earn interest more than 10K and matured on Sept 2012. My income in India from other sources is Nil. Can i fill form 15G to save TDS.

    • swamy

      you are an NRI. you need not pay any tax. What is required is to tell the bank to switch your deposit from Resident to non-resident.

  • Rakesh Kunwar

    Hi,
    My wife saving account and FD did had PAN card, we did submitted 15G to the bank but they still have deducted the tax, We also got the form 16 from back where PAN information is not provided as we might have informed them late. Wanted to know what is the process of getting the FD interest TDS tax refund when it is not associated with PAN no
    Regards
    Rakesh K Kunwar

  • Rajesh Kumar

    I have a FD of Rs. 55,000/- at the rate of 6.75% per annum. This FD is matured on 29/07/2011 with amount approx. 60,500/-. My query is
    1. Can I require to fill 15G/15H form.
    2. In my knowledge, I have not submitted PAN no. and presenty I am outside station and reach after 01/08/2011 to submit this PAN no.In this case my TDS or other type deduction is applicable or not.
    Please reply as soon as possible.

    With regards

    Rajesh Kumar

  • Prakash

    Dear Sir/Madam
    I have question regarding form 15G & 15H
    I was in USA, UK, & CANADA before and I worked there for 7 year but now I return to India and I and my family have Indian nationality, we have 80 lakhs in our Indian saving account.
    Now I have following 3 question that
    1. I want to make FD of 20lakhs for my name(My age below 60) and FD of 20lakhns for my wife name (her age also below 60) so total 40lakhs FD but want to split in 20-20 laths because of below tax limit. I & My wife do not have any other income.
    SO CAN I FILL FORM 15G FOR MYSELF AND FOR MY WIFE?
    So there is no deduction of TDS and income tax.
    2. Other question is that I want to make another 20-20 lakhs FD for my father and mother name, they are above 65.
    SO CAN I FILL FORM 15H FOR MY PARENTS?
    So there is no deduction of TDS and income tax.

    3. So in total I want to make 80 lakhs FD on that I can get as per example 8% interest per year
    So can I get 6, 40,000 interest per year without deduction of TDS and Income tax?

  • Shanmugam

    Hello sir,

    I am a salaried person and paying tax , and i am planning to go for FD encloses with 15G to avoid TDS, In every year Mar am i need to pay tax for the interest?
    then i used to fill the return the form 16 issued by the company Am i need to add the payment details in the form 16 while doing the return? how can i do? kindly guide what are the things i need to do if i go of FD with 15G…

    Regards,
    Shanmugam

  • Krishnaswami

    My total income consists of pension and bank interest on fixed deposits.If my total income exceeds 2.50,Can I submit 15h to banks and pay tax for the balance amount

  • Megha

    Hi, i m salaried person and pay income tax as applicable.
    i have fixed deposits in different bank accounts where
    interest amt is more than 10 k, can i submit 15 g for the same
    and will i have to submit seperate declarion to income tax for the same.

    • Tarun Goel

      yes you can submit form 15G to avoid your TDS. No declaration is required to give to Income tax.

    • Nitin Dalal

      since you are paying tax on your salary income ,your total income is above exemption limit. so Interest income will attract the Income tax. so by giving form 15 G you are giving wrong declaration which will attract penal provision.

  • veer

    Yes, you will have to submit form 15G to avoid TDS, provided your over all income (including interest earned on your all fixed/term deposits & savings a/c) is with in the nontaxable limit. You must mention your PAN no also, otherwise, even you submit 15G is not a valid thing babu.

  • rakesh

    i have a question.
    i am a student and my income is absoultely ZERO.
    but i have invested FD with the money i get from my dad.
    and now the interest has reached above 10k and it is applcable for TDS.
    can i give form 15g to avoid TDS?
    if i submit form 15g should i have to file income tax returns the next year?

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