Fixed deposit interest feels like safe income — until the bank cuts 10% as TDS and you wait months for a refund. If your total tax for the year works out to nil, you do not have to accept that cut. Form 15G and Form 15H are simple self-declarations that tell your bank not to deduct TDS in the first place.
Quick answer: Form 15G is for resident individuals below 60 years and HUFs whose estimated tax is nil and whose declared income stays below the basic exemption limit. Form 15H is for senior citizens aged 60 and above whose estimated tax is nil — with no separate income cap. Submit the right form to every bank where you hold deposits, once every financial year, and the bank will pay your interest in full without TDS.
What are Form 15G and Form 15H?
Both forms are self-declarations made under Section 197A of the Income-tax Act, 1961 (Section 309 under the Income-tax Act, 2025). You declare to the payer — usually your bank — that the tax on your estimated total income for the year is nil, so no TDS should be deducted from the income covered by the form.
Once the bank accepts a valid declaration, it pays the interest in full and reports the payment in its quarterly TDS statement. The responsibility then sits with you: if your final income turns out to be taxable, you must pay the tax when you file your return. The forms are most often used for interest on fixed deposits (FDs) and recurring deposits (RDs), but they also cover other specified incomes such as interest from company deposits and, in some cases, EPF withdrawals.
One point causes regular confusion: these forms do not make your interest tax-free. They only stop TDS at source. Interest income is still added to your total income and taxed as per your slab — the form simply helps when that final tax works out to zero.
When does a bank deduct TDS on FD interest?
Under Section 194A of the 1961 Act (Section 393 under the 2025 Act), a bank must deduct TDS when the interest it pays you in a financial year crosses a threshold. Since Budget 2025, the thresholds are:
| Category | Interest threshold per bank, per year | TDS rate |
|---|---|---|
| General (below 60 years) | Rs 50,000 | 10% with PAN |
| Senior citizens (60 years and above) | Rs 1,00,000 | 10% with PAN |
| No PAN furnished | Any amount | 20% |
Before Budget 2025, the limits were Rs 40,000 and Rs 50,000. The higher limits mean fewer small depositors face TDS at all — but if your interest still crosses the limit, Form 15G or 15H is the tool that stops the deduction. Note that the threshold applies per bank, not per FD: interest from all your deposits at one bank is added together. For a full breakdown of these rules, see our guide on TDS on FD interest under Section 194A/393.
Form 15G vs Form 15H: what is the difference?
| Point | Form 15G | Form 15H |
|---|---|---|
| Who can file | Resident individuals below 60 years, HUFs | Resident individuals aged 60 years and above only |
| Tax condition | Tax on estimated total income must be nil | Tax on estimated total income must be nil |
| Income cap | Declared income must not exceed the basic exemption limit | No such cap — only nil tax liability matters |
| Validity | One financial year | One financial year |
The age rule is strict. A senior citizen cannot file Form 15G — the bank will treat it as invalid. A person below 60 cannot file Form 15H. If you turn 60 during the financial year, you file Form 15H for that year.
Who can submit Form 15G?
You can submit Form 15G if all of these are true:
- You are a resident individual below 60 years of age, or a HUF.
- The tax on your estimated total income for the year is nil.
- The income covered by all your Form 15G declarations in the year does not exceed the basic exemption limit that applies to you.
The basic exemption limit depends on the regime you follow. Under the new tax regime, the limit is Rs 4,00,000 for FY 2026-27. Under the old regime, it is Rs 2,50,000 for individuals below 60. Senior citizens have higher old-regime limits — Rs 3,00,000 for ages 60 to 80 and Rs 5,00,000 above 80 — which is one reason Form 15H is easier to qualify for. Note also that the Section 87A rebate (Section 156 under the 2025 Act) can bring tax to nil up to Rs 12 lakh of income under the new regime, and that nil tax position is what matters for Form 15H.
Non-resident Indians (NRIs) cannot submit Form 15G or Form 15H at all. An NRI must accept TDS at the applicable rates or apply for a lower-deduction certificate (Form 13) from the assessing officer.
How to submit Form 15G or 15H: step by step
Online, through net banking
- Log in to your bank’s internet banking portal or mobile app.
- Look for the “Form 15G/15H” or “TDS declaration” section, usually under Tax, Service Requests, or e-Services.
- Pick the correct form for your age — 15G below 60, 15H at 60 and above.
- Fill in your name, PAN, date of birth, FD account number, and estimated total income for the financial year.
- Declare the number of Form 15G/15H declarations you have already filed this year and the total income covered by them.
- Submit and save the acknowledgement number, screenshot, or email confirmation.
Offline, at the branch
- Download the form from the Income Tax Department website or collect a printed copy from the bank.
- Fill Part I (your details and declaration) and sign it. Part II is filled by the bank.
- Submit it at the branch where your deposit is held and ask for a stamped acknowledgement copy.
Timing matters more than most people realise. A declaration is valid only for the financial year in which you file it, and it stops TDS only on interest paid after the bank accepts it. File in April, at the start of the year, rather than waiting until interest has already been credited and TDS already cut. And file a fresh form every April — last year’s form does not carry forward.
Do I need to file a separate form for each bank?
Yes. This is the single most common mistake. A form filed with one bank covers only that bank. If you hold FDs in three banks and a post office account, that is four separate submissions. Interest at any institution where you have not filed will still face TDS once it crosses the threshold. When you file, you must also disclose your other declarations for the year, so the tax department can cross-check the total — be honest here, because a false declaration can attract a penalty.
What if TDS has already been deducted?
All is not lost. Check Form 26AS and your Annual Information Statement (AIS) on the e-filing portal — the deducted tax will appear there as a credit. When you file your income tax return, claim that TDS credit; if it exceeds your actual tax liability, the excess comes back as a refund. Our guide on Form 26AS vs AIS vs TIS explains how to spot a mismatch before you file. If you missed the return deadline entirely, read our guide on belated ITR filing — a late return can still carry the TDS credit.
Can I use Form 15G or 15H for EPF withdrawal?
Yes, in one specific case. If you withdraw your EPF balance before completing five years of continuous service and the amount is Rs 50,000 or more, the EPFO deducts TDS. If your total income for the year is below the taxable limit, you can submit Form 15G or 15H to the EPFO to avoid that deduction. The same eligibility conditions apply. Senior citizens planning their retirement income should also read our senior citizen tax benefits guide, which covers the higher interest deduction under Section 80TTB.
Common mistakes to avoid
- Wrong form for your age: seniors filing 15G, or under-60s filing 15H, will have the form rejected.
- Filing when tax is actually payable: if your final income crosses the taxable limit, the declaration does not hold and you owe the tax, plus possible penalty for a false declaration.
- Forgetting a second bank or the post office: TDS continues wherever no form was filed.
- Not renewing in April: last year’s form is dead on 31 March.
- Ignoring the aggregate disclosure: the form asks about your other declarations — leaving them out creates a mismatch the department can see.
Frequently asked questions
What is the difference between Form 15G and Form 15H?
Form 15G is for resident individuals below 60 years and HUFs, and it carries two conditions: nil tax on estimated total income, and declared income below the basic exemption limit. Form 15H is only for senior citizens aged 60 and above, and it needs only the nil-tax condition — there is no separate income cap.
Who can submit Form 15G?
Any resident individual below 60 years, or a HUF, whose estimated tax for the year is nil and whose declared income stays below the basic exemption limit. Companies, firms, and NRIs cannot use it.
Can senior citizens submit Form 15G?
No. Senior citizens must use Form 15H. A Form 15G filed by a senior citizen is invalid, and the bank will deduct TDS as normal.
When should I submit Form 15G or 15H?
At the start of the financial year, in April, and separately to every bank or deductor. A form filed late in the year cannot undo TDS that has already been deducted — that amount can only be claimed back through your return.
What happens if I submit Form 15G but my income exceeds the limit?
The declaration does not hold for income above the limit. The tax becomes payable, and a false declaration can attract a penalty, so estimate your income honestly and re-check if a new FD or a salary change pushes you over the limit during the year.
Can NRIs submit Form 15G or 15H?
No. Both forms are only for residents. NRIs face TDS at the rates for non-residents and can seek a lower-deduction certificate (Form 13) if their actual liability is lower.
Official sources
- Income Tax Department e-filing portal (incometax.gov.in) — download Form 15G/15H and check Form 26AS/AIS.
- Central Board of Direct Taxes (incometaxindia.gov.in) — rules for TDS on interest and declaration forms.
Reviewed by Asuthod Rathod, CA | Last updated: 2 November 2026
Disclaimer: This article is for general information only and is not tax advice. Tax rules and thresholds change with each Budget — check the e-filing portal or consult a chartered accountant for your specific case.
Editorial byline for eircicai income tax guides — covering the Income Tax Act, 2025, section renumbering, regime comparison, and deductions. Content is reviewed by Asuthod Rathod, CA.