Keep your interest money in your pocket
If you are a senior living on Fixed Deposit interest, you may see the bank deduct TDS (Tax Deducted at Source — advance tax cut before you are paid) on that interest. If your total income is below the taxable limit, that deduction is an avoidable hassle. Form 15H is the fix.
The number behind it
Banks deduct 10% TDS on FD interest above ₹50,000 a year for seniors unless you submit Form 15H (Source: Section 194A, Income Tax Act).
| Annual FD interest (senior) | TDS without 15H | With valid 15H |
|---|---|---|
| Up to ₹50,000 | Nil | Nil |
| Above ₹50,000 | 10% | Nil |
What is Form 15H?
A self-declaration by a senior citizen (60+) to the bank, stating that estimated total tax for the year will be zero. Once accepted, the bank stops deducting TDS on your interest.
When to submit it
Submit at the start of the financial year (April) so no TDS is cut in the first quarter. You must file a fresh form every year and at every bank where you hold deposits.
Who is eligible
- You are an Indian resident.
- You are 60 or older during the year.
- Your final tax (after 80C, 80D, 80TTB) is zero.
Those below 60 use Form 15G, which has stricter limits.
What if you forgot?
If TDS is already deducted, the bank cannot refund it — it is with the government. Your only route to recover it is to file an ITR.
What you should do
- Estimate your full-year income before declaring zero tax — a wrong 15H is a false declaration.
- Submit 15H in April at every bank holding your FDs.
- If you missed it, file an ITR to claim the refund.
Common mistake
Submitting 15H when your income is actually taxable. That is a false declaration and can attract penalties — only file it if your real tax is zero.
How LastMinute ITR helps
If TDS was cut unnecessarily, a return is the way back. LastMinute ITR helps you pull your AIS, match the TDS credits in your deductions and credits view, and compare regimes so the refund is correct. You file and e-verify on incometax.gov.in.