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How to Fill Out the Online 15H for FD in SBI
If you earn interest from fixed deposits, the bank may deduct tax if the amount crosses a certain limit. However, you can stop tax deductions by submitting Form 15H if your total income does not exceed the prescribed limit. An SBI customer can complete the process either online or offline. Submission of this form assures the customer of receiving the interest amount in full with no tax deducted.
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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- 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.
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
Who Can Submit Form 15H?
To be eligible to submit Form 15H, you must meet all the following conditions:
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You must be 60 years or older during the financial year.
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You should be a resident Indian as per the Income Tax laws.
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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.
FD interest rates India have fallen consistently over the last 12 years.
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:
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Via Internet Banking:
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Go to the SBI website and log in with appropriate credentials.
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In the e-Services tab, find Submit 15G/15H under Tax Services.
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Select Form 15H from the options; choose your FD account; verify PAN and other details auto-filled on the screen.
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Enter the estimated total income for the financial year and confirm your tax liability is zero.
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Tick the declaration box and click Submit.
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A confirmation message and reference number will be shown.
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Via YONO SBI App
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Log in to the YONO SBI app.
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Go to Services > Tax Services > Submit 15G/15H.
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Choose Form 15H, select your deposit account, enter your income details, and submit.
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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.
All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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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FAQs
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Can I submit Form 15H online for multiple SBI FD accounts?
Yes. You have to submit 15H forms for each account. Both Internet Banking and app-based banking of SBI support this. -
When is the last date to give Form 15H at SBI for the concerned financial year?
You should ideally submit this before the interest payout that happens in April for the concerned financial year. Submission is possible later as well but TDS might be deducted already. -
Do I need to submit Form 15H every year?
Yes, Form 15H must be submitted every financial year. If you don't submit it again the next year, the bank may start deducting tax from your interest income. -
Is PAN mandatory for submitting Form 15H?
Yes. If PAN is missing or incorrect, the form becomes invalid, and higher TDS (20%) may be deducted. -
What if I forget to submit Form 15H?
If you forget to submit the form, the bank may deduct TDS (tax) from your interest. You can still get the money back by filing an income tax return, but it may take time.
*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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