How Can HDFC Customers Submit Form 15G/H

Form 15G and Form 15H are crucial tools to safeguard against unnecessary Tax Deducted at Source (TDS) on the interest earned from Fixed Deposits (FDs) when the total interest income falls within the prescribed limit. Despite being considered a secure investment option, FDs are not exempt from source-based tax deductions. However, by submitting Form 15G or 15H to the relevant entity, such as banks, corporate bond issuers, or post offices, one can effectively avoid TDS on incomes like interest and rent.

In order to avoid TDS on interest income, submit Form 15G or 15H. For individuals who are under 60, use Form 15G, and for those who are above 60, use Form 15H. These forms may only be submitted if the entire amount of income tax is zero and the total amount of interest received during the fiscal year does not exceed the basic exemption slab.

Why to Submit Form 15G & Form 15H?

A resident of India who is not a business, firm, or cooperative organisation may request in writing on Form 15G/15H from their bank that tax at source no longer be withheld from the interest they receive on term deposits (fixed deposits, cash certificates, and recurring deposits) with the bank. This declaration may only be made if the projected total income is below or equal to the basic exemption amount allowed by the Income Tax Department's regulations. The consumer must provide a Permanent Account Number (PAN) and Form 15G/15H. At the start of the fiscal year, you should turn in your Form 15G or Form 15H. Your expected income for the fiscal year must not be greater than the maximum amount eligible for tax exemption. You will be free from paying any TDS on interest for the duration of the fiscal year if you do this.

How to submit 15G/H Form in HDFC Bank?

Step 1: Login using your login information.
Step 2: Select Request from the Accounts tab.
Step 3: Depending on whether you are a regular citizen or senior citizen, choose Form 15G or H.
Step 4: Verify the details
Step 5. Click on the Confirm tab.

Other Details-

• Trusts, HUFs, and Indian residents younger than 60 are included in the 15G category.
• Use Form 15H if you are an Indian resident 60 years of age or older.
• The forms must be submitted annually
• It is valid for one fiscal year.