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What is Form 15GH For FD

07 Aug 2023


Form 15G/H is a self-declaration form that individuals can use to claim exemption from Tax Deducted at Source (TDS) on their Fixed Deposit (FD) interest income. Eligible individuals can prevent tax deductions by submitting either Form 15G or Form 15H, thereby preserving their cash flow. In this blog, we will dig into the intricacies of Form 15G/H, helping you understand the process and benefits associated with these forms.

What is Form 15G/H? 

Form 15G and Form 15H are self-declaration forms that allow individuals to declare that their taxable income is below the threshold limit, making them eligible for exemption from TDS on FD interest. Form 15G is primarily for individuals below 60 years of age, while Form 15H is for individuals aged 60 years or above. 

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Understanding TDS and its Implications

Tax Deducted at Source (TDS) is a mechanism through which the government collects taxes in advance. The payer of income deducts the specified percentage of tax while making the payment to the payee and deposits the tax with the Government. When it comes to FDs, TDS applies to interest payments. The bank deducts TDS based on the prevailing rates, and the payee gets the interest amount net of tax, significantly affecting the take-away earnings.

Form 15G: Key details and procedure

Form 15G is primarily for individuals below 60 years of age. When completing Form 15G, you will be required to furnish details such as your PAN (Permanent Account Number), name, address, and income particulars. It is vital to double-check that all the information provided is accurate and updated. Once the form is duly filled, you must submit it to the respective bank branch where your FD is held. The accuracy of your details and timely submission will ensure seamless processing. Form 15G can also be filed by a HUF and a Trust.

Form 15H: Key details and procedure

Form 15H, on the other hand, is exclusively for individuals who are 60 years or above in age. Similar to Form 15G, it requires the submission of accurate personal information, PAN, and income details. The form must be submitted to the bank branch where the FD is held.

Benefits and limitations of Form 15G/H

One of the significant advantages of submitting Form 15G/H is the prevention of tax deductions, ensuring that individuals can retain the entirety of their interest income. This helps in maintaining a healthy cash flow, especially for individuals who rely on interest income for their day-to-day expenses. However, it is essential to meet the eligibility criteria for submitting these forms. Moreover, providing false information on Form 15G/H can attract penalties and legal consequences.

Common mistakes to avoid while submitting Form 15G/H

While submitting Form 15G/H, individuals must exercise caution to avoid common errors. Some of these include incorrect PAN details, mismatched income declarations, or failure to submit the form timely to the appropriate bank branch. It is advisable to double-check all the details before submission and seek assistance from bank officials, if needed, to ensure the smooth processing of the forms.


Form 15G/H serves as an effective solution for individuals to avoid tax deductions on their FD interest income. By understanding the eligibility criteria and following the correct procedures, individuals can benefit from these self-declaration forms and maximize their cash flow. By leveraging the advantages of Form 15G/H, individuals can optimize their FD investments and enjoy the full benefits of their hard-earned interest income. You can use an FD calculator to determine how much interest you will receive on your FD after deducting the TDS.

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