How SBI Fixed Deposit Holders Can Submit Forms Online To Avoid TDS
If you hold a term or fixed deposit (FD) with State Bank of India (SBI) or plan to invest in one you need to submit Form 15G or Form 15H at least once every financial year. This was said by SBI, India's largest bank, on microblogging site Twitter. This is applicable to individuals who don't come under the income tax bracket for a financial year. By submitting Forms 15G and Form 15H against a fixed deposit, individuals save tax deducted at source (TDS) on interest income, according to SBI. Form 15G/H - which means either of the forms 15G or 15H, whichever applicable - needs to be submitted every financial year. Form 15G or Form 15H also needs to be submitted while making a new term or fixed deposit or before closure/premature closure of a term deposit, according to SBI.
What are forms 15G and 15H? Who needs to fill Form 15G/H?
Form 15G and Form 15H are meant for avoiding deduction of TDS on interest income. While Form 15G is meant for individuals less than 60 years in age, Form 15H is for senior citizens - those at least 60 years old and above. These forms can be used only if the tax calculated on the individual's total income is nil for the financial year. Both forms - Form 15G and Form 15H - have a validity of one financial year. That is why either of them is required to be submitted at least once every financial year.
Â
|  | Conditions | |
| Â | Form 15G | Form 15H |
| Who can file? | Resident Indian individual or HUF | Resident Indian individual |
| Age | less than 60 years | 60 years old or to be 60 years old during the year for which the form is being submitted |
| Â | declaration not valid unless the person furnishes valid PANÂ | |
| Â | Tax calculated on total income should be nil | |
| Â | Total interest income for the year should be less than minimum exemption limit of that year | Â |
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
-
The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.
-
Medicine Pricing: Where Must Profit Stop?
India must confront excessive margins, hidden incentives and regulatory gaps that threaten the integrity of medicine.
