Last Updated: June 2026 — FY 2025-26 (AY 2026-27)
Forms 15G and 15H are declarations you submit to your bank or financial institution to prevent TDS deduction on interest income when your total income is below the taxable limit.
Form 15G vs Form 15H
| Feature | Form 15G | Form 15H |
|---|---|---|
| Who submits | Individuals below 60 years, HUF | Senior citizens (60 years or above) |
| Condition | Tax on total income must be nil AND estimated income must be below basic exemption | Tax on total income must be nil |
| No. of copies | Two copies to deductor | Two copies to deductor |
| Validity | One financial year | One financial year |
Where to Submit Form 15G / 15H
- Banks — for FD interest, savings account interest
- EPF office / EPFO — to avoid TDS on PF withdrawal (if withdrawal before 5 years service)
- Insurance companies — for insurance payouts
- Post offices — for NSC, Post Office FD interest
When to Submit and Key Points for FY 2025-26
- Submit at the beginning of each financial year (April 2025 for FY 2025-26)
- TDS threshold for bank interest: Rs. 40,000 (Rs. 50,000 for senior citizens)
- Even if you submit 15G/15H, you must declare the interest income in your ITR
- Submitting false declaration is a punishable offence under Section 277
I want to make fd of Rs.50000. If i not submit pan the bank will deduct tds on my fd@20%
Bank will deduct TDS only if interest is above Rs 10,000/- in a year. In your case they will not deduct tax at all.