Last Reviewed: September 2026 | Based on Income Tax Act 2025 and CBDT guidelines FY 2026-27
Banks automatically deduct 10% TDS (Tax Deducted at Source) when your annual FD interest exceeds Rs 50,000 (Rs 1,00,000 for senior citizens). If your total income is below the taxable limit, this TDS is unnecessary — you can stop it completely by submitting Form 15G or Form 15H. This 2026 guide covers everything — eligibility, TDS thresholds, how to fill, submit online, and the new Form 121 update.
Form 121 — Replaces Form 15G and 15H from April 2026
Critical Update for FY 2026-27: The Income Tax Act 2025 introduced Form 121 as a unified replacement for Form 15G and Form 15H effective April 1, 2026.
| Financial Year | Form to Use | Status |
|---|---|---|
| FY 2025-26 and earlier | Form 15G (below 60) / Form 15H (60+) | Valid — use old forms |
| FY 2026-27 onwards | Form 121 (unified for all ages) | New — replaces both |
Budget 2026 change: Senior citizens can now submit Form 121 (formerly 15H) once to the depository for dividend income — it will be shared with all companies automatically, eliminating the need to submit separately to each company.
What is Form 15G and Form 15H?
| Feature | Form 15G | Form 15H |
|---|---|---|
| Who submits | Resident individuals below 60 years, HUF, trusts | Resident senior citizens 60 years and above |
| Age condition | Below 60 years during the financial year | 60 years or above during the financial year |
| Income condition | Total income below basic exemption limit — no tax liability | Tax liability must be nil — income can be above exemption but deductions bring it to zero |
| TDS threshold FY 2025-26 | Interest above Rs 40,000 (banks) triggers TDS | Interest above Rs 50,000 (banks) triggers TDS |
| TDS threshold FY 2026-27 | Interest above Rs 50,000 (banks) | Interest above Rs 1,00,000 (banks) |
| Legal section | Section 197A(1) and 197A(1A) | Section 197A(1C) |
| NRI eligibility | Not eligible — NRIs cannot submit | Not eligible — NRIs cannot submit |
| Validity | One financial year only — submit fresh every April | One financial year only — submit fresh every April |
| FY 2026-27 replacement | Form 121 | Form 121 |
TDS on FD Interest — Thresholds 2026
| Category | TDS Threshold FY 2025-26 | TDS Threshold FY 2026-27 | TDS Rate |
|---|---|---|---|
| General (below 60) | Rs 40,000/year | Rs 50,000/year | 10% (20% without PAN) |
| Senior Citizens (60+) | Rs 50,000/year | Rs 1,00,000/year | 10% (20% without PAN) |
| Post Office FD | Rs 40,000/year | Rs 50,000/year | 10% |
| Co-operative Bank FD | Rs 40,000/year | Rs 50,000/year | 10% |
Who Should Submit Form 15G in 2026?
You should submit Form 15G (or Form 121 for FY 2026-27) if ALL of these conditions are true:
- You are a resident Indian below 60 years of age
- Your total income is below the basic exemption limit — Rs 2.5 lakh (old regime) or Rs 4 lakh (new regime) for FY 2026-27
- Your tax liability is nil for the financial year
- Your FD interest from one bank exceeds Rs 50,000 in the year
- You are not an NRI — NRIs cannot submit Form 15G
Common examples — Kerala and India:
- Housewife with no other income — FD interest Rs 60,000 — submit Form 15G
- Student with FD from education fund — no income — submit Form 15G
- Farmer below exemption limit — submit Form 15G
- Retired person below 60 with pension below exemption — submit Form 15G
Who Should Submit Form 15H in 2026?
- You are a resident Indian aged 60 or above
- Your tax liability is nil — even if income is above exemption limit, deductions like 80C, 80D bring tax to zero
- Your FD interest from one bank exceeds Rs 1,00,000 in the year
- You are not an NRI
Key difference: Form 15H does NOT require income to be below exemption limit — only that tax liability is NIL after all deductions. This is more flexible than Form 15G.
How to Fill Form 15G — Step by Step 2026
Form 15G has two parts. Part 1 is filled by the taxpayer. Part 2 is filled by the bank/deductor.
| Field | What to Fill | Example |
|---|---|---|
| Name | Full name as per PAN card | ROBINS ANTONY |
| PAN | Your 10-digit PAN number — mandatory | ABCDE1234F |
| Assessment Year | Year for which you are submitting | 2026-27 (for FY 2025-26) |
| Residential Status | Resident | Resident |
| Flat/Door/Block No. | Your current address | Full address |
| Email and Phone | Contact details for bank communication | Your email and mobile |
| Whether assessed to tax | Yes/No — were you taxed in any of last 6 years | No (if income was always below exemption) |
| Estimated income for which declaration made | Total FD interest expected this year from this bank | Rs 75,000 |
| Estimated total income | Your total income from all sources this year | Rs 2,00,000 |
| Total no. of Form 15G filed | How many banks you are submitting to | 2 (if submitting to 2 banks) |
| Aggregate amount of income | Total FD interest from ALL banks combined | Rs 1,50,000 |
| Details of income | FD account number, nature of income, amount | FD A/c 12345 — Interest — Rs 75,000 |
How to Submit Form 15G Online — All Major Banks 2026
SBI Form 15G Online Submission
- Login to OnlineSBI at onlinesbi.sbi
- Go to e-Services tab
- Click 15G/15H Form
- Select Form 15G (or 15H for senior citizens)
- Select the FD account
- Fill all details and verify
- Submit — confirmation SMS sent to registered mobile
HDFC Bank Form 15G Online Submission
- Login to HDFC NetBanking
- Go to Accounts → Requests
- Click Submit 15G/15H
- Select account and form type
- Fill details and submit
ICICI Bank Form 15G Online Submission
- Login to ICICI iMobile or Net Banking
- Go to Service Requests
- Select Submit 15G/15H
- Choose account, fill income details, submit
Federal Bank Form 15G — Kerala Customers
- Login to FedNet at fednetbank.com
- Go to Tax Services
- Click Submit 15G/15H
- Fill details and submit — popular with Kerala Gulf Malayalee families
General path for all banks via net banking: Login → Service Requests / Tax Services / e-Services → Submit 15G/15H → Select account → Fill income → Submit
Form 15G for EPF/PF Withdrawal 2026
- TDS is deducted at 10% on EPF withdrawal if service is less than 5 years and amount exceeds Rs 50,000
- Submit Form 15G on EPFO Unified Portal at unifiedportal-mem.epfindia.gov.in during PF withdrawal claim
- Steps: Login to EPFO portal → Online Services → Claim → Select withdrawal type → Upload Form 15G
- Condition: Total income must be below taxable limit
- PAN must be seeded with EPFO to submit Form 15G
Common Mistakes When Submitting Form 15G/15H
| Mistake | Consequence | Fix |
|---|---|---|
| Not submitting at start of April | TDS deducted for Q1 even if you submit later | Submit in first week of April every year |
| Submitting to only one bank — missing other banks | TDS deducted by other banks | Submit one form per bank per year |
| Incorrect estimated income | CBDT may flag as false declaration | Calculate carefully — include all income sources |
| Submitting when income is taxable | False declaration — penalty up to Rs 10,000 | Do not submit if total income exceeds exemption limit |
| Not submitting PAN with form | TDS at 20% instead of 10% | Always provide PAN — mandatory |
| Using old Form 15G/15H for FY 2026-27 | Form rejected — use Form 121 instead | Use new Form 121 for FY 2026-27 onwards |
Form 15G/15H for NRI — Kerala and Gulf Customers 2026
- NRI customers in UAE, Saudi Arabia, Oman, Qatar, and Gulf countries CANNOT submit Form 15G or Form 15H — these forms are only for resident Indians
- NRI FD interest is subject to TDS at 30% (plus surcharge) — no exemption via Form 15G
- NRI customers should open NRE FD instead — NRE FD interest is completely tax-free in India with no TDS
- For NRO FD — TDS at 30% applies — NRIs can claim DTAA (Double Taxation Avoidance Agreement) benefit by submitting Tax Residency Certificate from UAE to reduce TDS
- Kerala family members who are resident Indians (parents, spouse) can submit Form 15G/15H for their own FDs if eligible
Frequently Asked Questions — Form 15G and Form 15H 2026
What is Form 15G and when should I submit it in 2026?
Form 15G is a self-declaration form for resident Indians below 60 years to prevent TDS on FD interest when total income is below the taxable limit. Submit at the start of every financial year in April to each bank where you hold fixed deposits. For FY 2026-27, Form 15G is replaced by the new Form 121 under the Income Tax Act 2025.
What is the difference between Form 15G and Form 15H?
Form 15G is for resident Indians below 60 years whose total income is below the basic exemption limit and tax liability is nil. Form 15H is for senior citizens aged 60 and above whose tax liability is nil. Both are replaced by Form 121 from April 1, 2026 for FY 2026-27 onwards.
What is Form 121 and does it replace Form 15G and 15H?
Yes. Form 121 is the new unified self-declaration form introduced under the Income Tax Act 2025, replacing both Form 15G and Form 15H from April 1, 2026. For FY 2025-26 and earlier use Form 15G or 15H. For FY 2026-27 onwards submit Form 121 to prevent TDS on interest income.
What is the TDS threshold on FD interest for senior citizens in 2026?
TDS threshold for senior citizens on FD interest for FY 2026-27 is Rs 1,00,000 per year per bank. If your FD interest exceeds Rs 1 lakh from one bank, the bank deducts 10% TDS. Submit Form 15H or Form 121 for FY 2026-27 to prevent this deduction if your tax liability is nil.
How to submit Form 15G online in SBI in 2026?
Login to OnlineSBI at onlinesbi.sbi, go to e-Services tab, click 15G/15H Form, select Form 15G, choose the FD account, fill your income details and estimated total income, verify and submit. Confirmation SMS sent to registered mobile. Submit separately for each FD account at each bank in the first week of April every year.
Can NRI customers in UAE submit Form 15G or 15H to Indian banks?
No. NRI customers in UAE, Saudi Arabia, Oman, Qatar, and Gulf countries cannot submit Form 15G or Form 15H as these forms are only for resident Indians. NRI FD interest in NRO accounts is subject to 30% TDS. To avoid TDS, NRIs should open NRE fixed deposits where interest is fully tax-free in India with zero TDS.
Can I submit Form 15G for EPF withdrawal in 2026?
Yes. Submit Form 15G on the EPFO Unified Portal at unifiedportal-mem.epfindia.gov.in during your PF withdrawal claim if your service is less than 5 years and withdrawal amount exceeds Rs 50,000. Your total income must be below the taxable limit and PAN must be seeded with EPFO to submit Form 15G online.
What happens if I submit Form 15G when my income is taxable?
Submitting Form 15G when your income exceeds the taxable limit is a false declaration under the Income Tax Act. Penalty can be up to Rs 10,000 under Section 277 of the Income Tax Act. Always verify your total income from all sources before submitting Form 15G or Form 15H.
