Availing a TDS (Tax Deducted at Source) waiver on Fixed Deposit (FD) interest involves submitting the appropriate form to the bank where you have the FD. Here are the steps you can follow:

Understand TDS Thresholds:

  1. For Bank FDs, TDS is applicable on interest income if it exceeds ₹40,000 (₹50,000 for senior citizens) in a financial year.
  2. For NBFC FDs, TDS is applicable on interest income if it exceeds ₹5,000 in a financial year.

Submit Form 15G/15H:

  • If you are below the taxable income threshold and want to avoid TDS, you can submit Form 15G (for individuals below 60 years) or Form 15H (for individuals above 60 years) to the bank.
  • Form 15G is a self-declaration form that you are not liable to pay tax on the interest earned. Form 15H is for senior citizens.
  • These forms can be collected from banks and need to be submitted at the beginning of each financial year or when the interest income crosses the specified threshold during the year.

Eligibility for Form 15G/15H:

Ensure you meet the eligibility criteria for submitting these forms. Typically, individuals with no taxable income or income below the exemption limit are eligible.


It's important to note that tax-related rules and forms may be updated, so it's advisable to check with your bank or a tax professional for the most recent information and guidance tailored to your specific situation.