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Form 15G for SBI FD - Everything You Need to Know
Form 15G is a crucial form for SBI Fixed Deposit (FD) account holders who do not wish to have tax deductions made on interest earnings. For those whose aggregate income is below the taxable threshold, filing this form prevents the bank from deducting TDS on FD interest. Let us understand what Form 15G is, to whom it can be filed, when and how to file it, and how it saves you more of your earnings.
Returns as high
as 7.1%*
Includes life cover
Completely Tax free+
as 7.1%*
Includes life cover
Completely Tax free+
Maximum returns Offered by
Guaranteed
Highest
7.1%*
Guaranteed Plan
(by insurance companies)
(10 Years)
6.5%**
Fixed Deposits
(by SBI bank)
(5-10 Years)
7.1%***
Public Provident Fund
(other popular options)
(15 Years)
Get Guaranteed returns up to 7.1%*
Fully Tax-Free* (unlike FD), Life Cover Included
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- Form 15G for SBI FD - Everything You Need to Know
Understanding Form 15G for SBI FD
Form 15G is a declaration form that can be filed with the SBI by resident individuals below the age of 60 years, Hindu Undivided Families (HUFs), or trusts to get exemption from Tax Deducted at Source (TDS) on interest received from fixed deposits. This proves to be useful for those whose overall income falls below the basic exemption threshold, as it ensures that they get the entire interest amount without any tax deduction, provided all the criteria are fulfilled.
Information About
Guaranteed Return Plans
Returns Before Tax
7.1% (TAX-FREE)
Returns After Tax
7.1%
Guaranteed Returns
Yes
Life Cover
Yes
Tax on Profit
Tax Free*
Risk
No Risk
Fixed Deposits
Returns Before Tax
7% (TAXABLE)
Returns After Tax
4.8%
Guaranteed Returns
Yes
Life Cover
No
Tax on Profit
Taxable
Risk
Low Risk
Debt Mutual Fund
Returns Before Tax
8% (TAXABLE)
Returns After Tax
5.5%
Guaranteed Returns
No
Life Cover
No
Tax on Profit
Taxable
Risk
High Risk
*For annual premium upto ₹5 Lacs
Eligibility Criteria
Below is the requirement that you must meet so that you can submit Form 15G and avoid TDS on your SBI fixed deposits:
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Resident individuals aged under 60 years.
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The aggregate interest income from all SBI FDs in a year is less than the basic exemption threshold (â‚ą2.5 lakhs in the old regime; â‚ą3 lakhs in the new regime)
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The approximate aggregate tax liability for the year is NIL
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The assessee should have a valid PAN
Why Submit Form 15G?
If the interest received on FDs is more than â‚ą40,000 in a financial year (â‚ą50,000 for senior citizens), banks are required to deduct TDS at 10%. But by filing Form 15G, such eligible persons can escape this deduction and get the full interest amount.
FD interest rates India have fallen consistently over the last 12 years.
How to Fill Form 15G for SBI FD
Here are the step-by-step guidelines to fill up Form 15G for your SBI fixed deposit accounts:
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Download Form:
Download the Form from the SBI website or internet banking.
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Personal Details:
Complete your name, PAN, status (HUF/trust/individual), previous year, and residential status.
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Contact Details:
Provide your address, PIN, email address, and phone number.
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Tax Assessment:
Indicate whether you were taxed in any of the last six years.
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Interest Details:
Mention the total interest income in relation to which you desire the exemption of TDS.
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Total Income:
State your total estimated income for the year.
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Previous Forms:
State the number of Form 15G submitted previously in the year, if any.
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Declaration:
Sign and submit the form, ascertaining that all information is correct.
How and When to Submit Form 15G for SBI FD
The best time and method to submit Form 15G for your SBI FDs as follows:
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Submit Form 15G at the start of each financial year (preferably in April) to ensure TDS is not deducted from your FD interest.
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Form 15G can be filled and submitted online through SBI’s internet banking or physically at the branch.
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If you have FDs in multiple SBI branches, submit Form 15G at each branch where your interest income is credited.
Difference Between Form 15G and Form 15H
| Feature | Form 15G | Form 15H |
| Who can submit | Individuals below 60, HUFs, and Trusts | Individuals aged 60 and above (senior citizens) |
| Age requirement | Below 60 years | 60 years or above |
| Applicable on | Interest from FDs, RDs, etc. | Interest from FDs, RDs, etc. |
| Income condition | Total income should be below the basic exemption limit, and tax liabilities NIL | Total tax liability should be NIL, no income cap |
| PAN requirement | Mandatory | Mandatory |
While both Form 15G and Form 15H serve the same purpose, preventing TDS deduction on interest income, they are meant for different categories of individuals. Choosing the correct form based on age and income eligibility is essential to ensure proper TDS exemption.
Key Takeaway
SBI’s Fixed Deposits are a smart option (with competitive SBI FD rates) for those looking for secure, flexible, and low-risk avenues with better returns than regular savings accounts. With tenures ranging from a few days to under a year, these FDs offer easy liquidity and competitive interest rates. To further maximise returns, eligible individuals whose total income is below the taxable limit can submit Form 15G at the beginning of the financial year, ensuring that no TDS is deducted on interest earnings.
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FAQs
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Can NRIs submit Form 15G for SBI FDs?
No, Form 15G is applicable only for resident individuals. NRIs are not eligible to submit this form. -
What happens if I forget to submit Form 15G?
If Form 15G is not submitted, and the interest earned exceeds â‚ą40,000 in a financial year, SBI will deduct TDS at 10%. However, you can claim a refund while filing your income tax return. -
Is it mandatory to submit Form 15G for every FD?
Yes, if you have multiple FDs, you need to submit Form 15G for each FD account to ensure TDS is not deducted. -
Can I submit Form 15G online if I don't have internet banking?
If you don't have internet banking, you can use the YONO SBI app or visit your nearest SBI branch to submit the form physically. -
What is the difference between Form 15G and Form 15H?
Form 15G is meant for resident individuals below 60 years of age, HUFs, or trusts with income below the taxable limit. Form 15H, on the other hand, is specifically for senior citizens (60 years and above) meeting the same income criteria.
*All savings are provided by the insurer as per the IRDAI approved
insurance plan. Standard T&C Apply
+ Trad plans with a premium above 5 lakhs would be taxed as per
applicable tax slabs post 31st march 2023
#Discount offered by insurance company
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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