How to Fill Out the Online 15H for FD in SBI

Let's understand how to fill out the online 15H for FD in SBI​, the eligibility criteria for it, and how to apply for it for your SBI FD.

What is Form 15H?

Form 15H is a self-declaration form that senior citizens (aged 60 or above) can submit to ensure that no TDS is deducted on the interest income from fixed deposits, recurring deposits, or other eligible sources. This is not a tax-saving form but a convenience for those who are not required to pay income tax.

If your estimated income is below the taxable limit and you qualify under the senior citizen category, submitting this form can help you receive your full interest income without deductions.

Who Can Submit Form 15H?

To be eligible to submit Form 15H, you must meet all the following conditions:

• You must be 60 years or older during the financial year.

• You should be a resident Indian as per the Income Tax laws.

• Your total estimated income, including interest income, should be below the taxable limit (₹2.5 lakh under the old tax regime, ₹3 lakh under the new tax regime).

• Your tax liability should be zero after applying all deductions and rebates (such as Section 87A).This form cannot be submitted by individuals under 60 years (they must use Form 15G), Hindu Undivided Families (HUFs), or Non-Resident Indians (NRIs).

Why is Form 15H Important for Senior Citizens with FDs?

Senior citizens often rely on interest from FDs and savings as their main source of income. Without Form 15H, SBI or any other bank is legally bound to deduct 10% TDS if your interest income exceeds ₹50,000 in a financial year.

However, if your total income is not taxable, this deduction becomes unnecessary and results in you waiting for a refund after filing an income tax return. Form 15H helps prevent this by avoiding the TDS deduction upfront.

How to Fill Out the Online 15H for FD in SBI​

Form 15H can be filled out and submitted in both formats: online and offline, depending on whether you wish to do things over the internet or in person at the bank counter. Here is how it can be done:

1. Via Internet Banking:

   • Go to the SBI website and log in with appropriate credentials.

   • In the e-Services tab, find Submit 15G/15H under Tax Services.

   • Select Form 15H from the options; choose your FD account; verify PAN and other details auto-filled on the screen.

   • Enter the estimated total income for the financial year and confirm your tax liability is zero.

   • Tick the declaration box and click Submit.

   • A confirmation message and reference number will be shown.

2. Via YONO SBI App

   • Log in to the YONO SBI app.

   • Go to Services > Tax Services > Submit 15G/15H.

   • Choose Form 15H, select your deposit account, enter your income details, and submit.

What Happens If You Don't Submit Form 15H?

If you forget to submit this form, SBI will begin deducting TDS once your interest crosses ₹50,000 for the financial year. You can still get the money back by filing an income tax return, but it involves waiting and paperwork. To avoid this hassle, make sure you submit Form 15H every year at each branch or bank where you hold deposits.

Key Takeaway

Form 15H helps senior citizens avoid tax cuts on interest income if they don't have any tax to pay. It's easy to fill out and must be submitted every year to the bank. This way, you get your full interest amount without waiting for refunds. Submitting it on time keeps your savings hassle-free.

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