Online SBI: Want to avail tax benefits on interest income? Do this

OnlineSBI: Great news for State Bank of India (SBI) account holders! If you missed the opportunity to submit Form 15G/Form 15H to your bank and are worried that TDS (Tax Deducted at Source) will be deducted by the bank, don't worry. The Central Board of Direct Taxes has extended the validity of Form 15G/Form 15H till 30 June 2020.

The decision was taken in the wake of rising coronavirus cases in the country leading to a nationwide lockdown. SBI customers can still submit the forms online using internet banking/Yono Application.

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Know what is Form 15G/Form 15H and how it is helpful in saving your money:-

Form 15G/Form 15H is used to avoid tax deductions if your total interest income is not taxable. Banks are required to deduct TDS when your interest income for a financial year goes above Rs 40,000. While the bank adds deposits held in all its branches to calculate this limit, you can submit Form 15G and 15H to the bank requesting them not to deduct any TDS. For senior citizens the interest income exemption is upto Rs 50000.

Form 15H is for senior sitizens while Form 15G is for everybody.

OnlineSBI: SBI enables its customers to submit forms 15G and 15H through its internet banking portal, onlinesbi.com. See the step-by-step guide.

-- Click on 'e-services' after logging into your account
-- Select option 'Submit 15G/H'
-- Select Form 15G or Form 15H

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-- Select the CIF No and click on Submit. CIF or Customer Information File is an 11 digit number which holds all the personal information of the accounts holder
-- There will be some information which is already filled. Proceed by filling up the remaining information
-- Confirm the details