Savings Account Form 15G/15H - FAQs

Forms 15G and 15H are self-declaration forms that allow eligible customers to prevent 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 these forms.

• Forms can be submitted online through ICICI Bank Internet Banking or the iMobile app.
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There is no time limit or due date for submitting Form 15G/15H 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 the new deposit is created. To know more, please click here

Calculate your total income from all the sources that you have or will earn during the year. This includes your interest income shown in the ‘Estimated income’ for which this declaration is given.

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I hold 3 deposits: 1 each of Fixed Deposit, Recurring Deposit, Variable Recurring Deposit VRD(iWish), for which I've already submitted Form 15G/H. Now I have opened new VRD account(s) and want to submit Form 15.

You can submit Form 15G/H through Internet Banking or by visiting the nearest branch for newly opened VRD account(s).

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The applicability of Form 15G/H 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 exemption limit.
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Form 15G/H are only a declaration that no TDS should be deducted on your interest income since the tax on your total income is nil. The interest income from deposits is always taxable.

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Yes. Income Tax Slab has been increased to ₹12 lakh from ₹7 lakh for senior citizen customers.

E.g.: A Customer who is 65 years of age wants to submit Form 15H when estimated income comes to ₹10,00,000. The income tax slab has been increased to ₹12,00,000 from ₹7,00,000; thus, s/he is eligible to submit the request and get an exemption from tax.

Clarification: Customer here becomes eligible to submit Form 15H, as income is below the Basic Exemption Limit of ₹12,00,000, as applicable to him/her.

The date of birth and PAN should be updated in your account(s) in the bank’s records. As per Central Board of Direct Taxes (CBDT) circular number 03/11, in the absence of PAN, Form 15G/H and other exemption certificates submitted will be invalid and penal TDS will be applicable.

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If you have already filed Form 15G/15H in any other bank for the current financial year, then mention:

The total number of Form 15G/H submitted. 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 ‘Number of Forms Submitted’ should be four. In the ‘Aggregate Amount’ field, write the total income for which Form 15G/H has been submitted.

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The date of birth and PAN should be updated in your account(s) in the bank’s records. As per Central Board of Direct Taxes (CBDT) circular number 03/11, in the absence of PAN, Form 15G/H and other exemption certificates submitted will be invalid and penal TDS will be applicable.

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The previous year refers to the current financial year for which you are submitting the form. Assessment year is the year subsequent to the current financial year.

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The main difference between Form 15G and Form 15H is that Form 15G is meant for non-senior citizens (i.e., in case of individuals, they should be below 60 years of age) and non-individuals such as Trusts, Associations, Clubs, Hindu Undivided Family (HUF) and Societies; whereas Form 15H is meant for senior citizens only (60 years and above).

The following are not eligible for submission of Form 15G/H:

• 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:

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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).

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If your income was above the taxable limit or assessed to tax in any of the past six years preceding the current financial year, answer this question with a ‘Yes’ or a ‘No’. If you click on ‘Yes’, mention the latest assessment year in which your income was above the taxable limit.

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

It means TDS shall not be deducted on interest income for the customers who had submitted Form 15G/ 15H during FY 2020 and exemption was successfully marked for non-deduction of TDS on interest income from Term Deposits, provided the exemption was validly active as on the last day of FY 2020. i.e. Mar 31, 2020.

TDS is to be deducted when the interest income earned 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.

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Where the exemption has been revoked for any reason, then the benefit shall not be given, as the exemption was not active as of the last day of FY 2020, i.e. Mar 31, 2020. Thus, the customer is required to submit a fresh Form 15G/15H.

You can submit Form 15G/H by visiting the nearest branch or through Internet Banking.

click here to submit your Form 15G/H or visit the nearest branch.

Forms 15G/15H are valid for one financial year ending on Mar 31 of every year. So, you have to submit these forms every year if you are eligible. Submitting them as soon as the financial year starts will ensure non-deduction of any TDS on the interest income earned. However, owing to the current COVID-19 scenario, Form 15G/15H shall be valid till Jun 30, 2020.

To know more, please check online through an option available through Internet Banking.

Alternatively, you can click here to download the 'Registration Form' and mail it to our India address:

ICICI Bank Limited,
RPC Mumbai,
5th Floor, A-Wing, Autumn Estates
Chandivali Farm Road, Chandivali
Land Mark: Next to Chandivali Studio, Opp MHADA
Andheri-East,
Mumbai- 400072
INDIA

If you are an NRI in the USA, UK, Canada, Australia, Singapore and the UAE, you can simply post your documents to the local P.O. Box in your respective countries and save on courier charges.

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 "Email 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 to the income tax department. The Income Tax Department will refund the TDS deducted after you file an income tax return.

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The benefit of TDS exemption can be granted only for deposits which are mentioned in Form 15G/H as the case may be. If, after submission of Form 15G/H by the depositor, a new deposit has been created or a deposit has been renewed by which the Fixed Deposit (FD) number, amount, or any other detail changes, a fresh Form 15G/H is required to be submitted to get exemption from TDS.

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The only way to seek 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 to the income tax department. Income tax department will refund the TDS deducted, after you file an income tax return.

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The provision of TDS has been levied on interest on RD as well. Effective from June 1, 2015, TDS shall be deducted on the interest earned on RD.

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