FD Interest Taxed? Submit Form 15G/H to Save 10%
If your total income is below the taxable limit, you can stop your bank from deducting TDS on FD interest by submitting Form 15G (under 60) or Form 15H (60+) at the start of every financial year.
That 10% TDS on a ₹5L FD can silently eat ₹3,500+ a year — more than your monthly chai budget
Your bank quietly deducts tax before you even see your interest
Key Takeaways
Submit Form 15G or 15H at your bank branch or via net banking before your next FD interest payment date — April submissions cover the full year.
Check your total estimated annual income before submitting: Form 15G is only valid if your income falls below the basic exemption limit (₹2.5 lakh for under-60, ₹3 lakh for 60–79 age group).
If TDS was already deducted this year, file your ITR and claim a refund — the deducted amount will be credited back to your bank account after processing.
If your total income is below the taxable limit, you can stop your bank from deducting TDS on FD interest by submitting Form 15G (under 60) or Form 15H (60+) at the start of every financial year.
Here's what happened: Banks deduct 10% TDS on FD interest if it exceeds ₹40,000 per year (₹50,000 for senior citizens) in a single bank.. Form 15G (for individuals below 60) and Form 15H (for senior citizens aged 60+) are self-declarations that stop this TDS deduction at source.. These forms must be submitted fresh at the beginning of each financial year — they do NOT carry forward automatically from the previous year..
What you should do: Submit Form 15G or 15H at your bank branch or via net banking before your next FD interest payment date — April submissions cover the full year.. Check your total estimated annual income before submitting: Form 15G is only valid if your income falls below the basic exemption limit (₹2.5 lakh for under-60, ₹3 lakh for 60–79 age group).. If TDS was already deducted this year, file your ITR and claim a refund — the deducted amount will be credited back to your bank account after processing..
Submit Form 15G/H to ALL banks and NBFCs where you hold FDs — TDS limits apply per institution, and missing even one means unnecessary deductions across multiple accounts.
Check Your FD Returns
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- [1]“Form 15G vs Form 15H explained: Who can submit these forms to avoid TDS on interest income?” mint - money · 24 Jun 2026
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