Will Bank deduct TDS if I submit Form 15G?

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  1. Abhinav C.

    Abhinav C. New Member

    I am not a senior citizen.
    1) My total salary annually does not exceed Rs.72,000

    2) Adding other receipts does not exceed Rs.80,000

    3) Total Interest on FDs does not exceed Rs. 40,000
    FD are split into 30 nos.

    4) This makes a total of 2 and 3 Rs.1,20,000

    I have already submitted form 15 G with nearly above
    figures. My question can the bank still deduct TDS on
    the interest on FD.
     
    akanade1 likes this.
  2. Yashveer Jain

    Yashveer Jain Member

    No Bank will not deduct the TDS.
     
  3. Karan Batra

    Karan Batra Well-Known Member

    As you have submitted Form 15G making proper disclosures - the bank will not deduct any TDS in the above mentioned case.
     
  4. Abhinav C.

    Abhinav C. New Member

    Well this is the reply received yesterday from State Bank of India after filling up their complaint form on the web site:
    QUOTE
    Mr. Mr. ABHINAV CHAITANYA

    Your Complaint With Ticket No. FD905525883275 has been attended to and closed after resolution as under.


    TDS correctly deducted as the total interest amount exceed the limit as per IT Act and form 15 G / H is not admissible. Please contact branch for details at telephone number.02228575099

    We regret the inconvenience .If your grievance persists, please Contact your Home Branch or call us at our Toll Free Nos. 18004253800/1800112211 or visit us at www.sbi.co.in quoting the above ticket number.

    We thank you for sharing with us your feedback on the services rendered by us and assure you that it will be our endeavour to provide quality service at all times. We look forward to your feedback in future also.

    Thanks and Regards,


    Team SBI
    UNQUOTE

    Can somebody help me out, as to how to get them stop this deduction.
     
  5. Yatin Gandhi

    Yatin Gandhi Active Member

    Request you to kindly approach your banker and discuss the same with the bank manager.

    TDS should not be deducted in the above mentioned case.

    Also request you to kindly recheck all the figures
     
  6. Abhinav C.

    Abhinav C. New Member

    Bank manager is helpless. The system is computerized. All that he could do within his powers, to set the right tags in the profile to stop deductions is done. Yet the deductions continues.
     
  7. Karan Batra

    Karan Batra Well-Known Member

    It seems that some no.'s have not been enterred correctly in the system.

    Get them corrected.
     
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