If your total income is below the taxable limit (or below threshold for seniors), you can submit Form 15G or 15H to the bank to prevent upfront TDS on interest.
Key differences
- Form 15G — for residents below 60 (and others eligible)
- Form 15H — for senior citizens meeting conditions
- Submit at start of financial year and when opening new FDs
- Still report interest income in your ITR
Read FD interest in ITR and file via personal tax filing.
