Savings Account Form 121 - FAQs

• Form 121 is a self-declaration form that allows eligible customers to avoid Tax Deducted at Source (TDS) on interest income, if their total income is below the basic exemption limit.

  • A valid PAN is mandatory to submit this form.
  • The form can be submitted online through ICICI Bank Net Banking or the iMobile app.

  To know more, click here

There is no time limit or due date for submitting Form 121 to the Bank. However, it is advisable to submit it at the beginning of the financial year (i.e. Apr 01) or as and when a new deposit is created.

To know more, please click here

This is the estimated amount from all the sources of income that you have or will create during the year. This includes your interest income shown in the ‘Estimated Income’ for which this declaration is given.

To know more, please click here

The applicability of Form 121 is based on the age and status of the customer, which is illustrated in the table below:

*The exemption limit depends on the applicable tax slab.

Not eligible: Companies, partnership firms, NRIs, or any customer whose total income exceeds the basic exemption limit.
To know more, click here

Form 121 is only a declaration that no TDS should be deducted on your interest income since the tax on your total income is nil.

To know more, please click here

The date of birth and valid PAN (linked with Aadhaar) should be updated in your Account(s) in the Bank’s records. As per relevant guidelines of the Central Board of Direct Taxes (CBDT), in the absence of PAN, Form 121 and other exemption certificates submitted will be invalid and TDS will be deducted at higher rates.

To know more, please click here

If you have already filed Form 121 in any other bank for the current financial year, then mention:

‘Total number of Form No. 121 filed earlier’. The total number of forms submitted won’t include the form which is being submitted now.  For example, if you have submitted four forms from April 01 and you are now submitting the fifth form, then your answer for ‘Total number of Form No. 121 filed earlier’ should be four. In the ‘Aggregate amount of income for which Form No. 121 were filed’ field, write the total income for which  Form 121 has been submitted.

To know more, please click here

The date of birth and PAN should be updated in your Account(s) in the Bank’s records. As per relevant guidelines of the Central Board of Direct Taxes (CBDT), in the absence of PAN, Form 121 and other exemption certificates submitted will be invalid and TDS will be deducted at higher rates.

To know more, please click here

The Tax Year refers to the current financial year for which you are submitting the form.

To know more, please click here

The following are not eligible for submission of Form 121:

• Company (Private and Public)
• Partnership Firm
• Non-Resident Indian (NRI)
• A customer whose estimated total income or the aggregate total income exceeds the basic exemption limit given in the table below:

To know more, please click here

The threshold of ₹50,000 (interest income earned) is to be calculated in aggregate, i.e., the interest income earned from all the deposits from all the branches across the Bank are to be included, while calculating the threshold of ₹50,000. (For resident senior citizens, the threshold applicable is ₹1,00,000).

To know more, please click here

The service request shall be completed on a real-time basis through all the modes, i.e. Net Banking, iMobile app, Insta Banking (Kiosk) and at branches. For exceptional cases at branches, the time taken will be 1 day.

TDS is to be deducted, when the interest income exceeds ₹50,000 in a financial year for all resident assesses, except for resident senior citizens. In case of resident senior citizens, TDS is to be deducted, when the interest income earned exceeds ₹1,00,000 in a financial year.

To know more, please click here

You can submit Form 121 by visiting the nearest branch or through Net Banking.

click here to submit your Form 121 or visit the nearest branch.

Form 121 is valid for one tax year as mentioned in point 8 of Form 121 . So, you have to submit the form for every tax year, if you are eligible. Submitting it as soon as the tax year starts will ensure non-deduction of any TDS on the interest income earned.

To know more, please check the online option available through Net Banking.
You can also visit any ICICI Bank branch in India and submit the registration form. To refer to the updated list of our branches, please click here
For any clarification or more information, please call us on our 24-hour Customer Care or write to us through the ‘E-mail us’ option on our website. Click here

The only way to seek a refund of excess TDS deducted is by filing your income tax return. The TDS that is deducted before the form is submitted will not be refunded by the Bank, as the Bank would have already deposited it with the Income Tax Department.

To know more, please click here

The benefit of TDS exemption can be granted only for live/active deposits. If, after submission of Form 121 by the depositor, a new deposit has been created or a deposit has been renewed in which the Fixed Deposit (FD) number, amount, or any other detail changes, a fresh Form 121 is required to be submitted to get exemption from TDS.

To know more, please click here