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Canara Bank in collaboration with Reserve Bank Innovation Hub (RBIH) has facilitated online submission of 15G and 15H form.
Form 15G (Individual and HUF) and Form 15H (Individual-Senior Citizen) are self-declaration forms that an individual submits to the bank requesting not to deduct TDS on interest income provided their income is below the basic exemption limit.
In a press release, Canara Bank said, “At the start of every financial year, especially in the first few weeks of April, several citizens especially senior citizens make their 15G & 15H submissions to their banks. Presently, our bank is accepting submission of these forms through online Banking/ Mobile banking which requires knowledge and access to mobile/ internet banking. Many senior citizens are not conversant with internet / mobile banking applications. They stand in long queues all day to make submissions of these tax waiver forms in the bank branches.”
“The proposed solution leveraged technologies that were familiar to our senior citizens and also used an OMNI-channel approach. All deposit holders, including senior citizens, can now easily submit their tax waiver forms through SMS and website,” said the bank.
