Terms & Conditions - 15G/H
The Bank may at its sole discretion provide a facility (“Facility”) to its resident Customers [i.e. Individuals (including Senior Citizens) and resident in India who have availed FedMobile Mobile Banking services (“FedMobile”) of the Bank, to submit Form 15 G / Form 15 H, as may be applicable, through FedMobile in order to avail exemption from TDS on interest earned on fixed deposits and recurring deposits (“Deposits”) maintained with the Bank by such Customers, in a financial year. The Customers shall be bound by these terms while availing the Facility.
The Customer shall, prior to submission of Form 15 G / Form 15 H, ensure that the Estimated Total Income of the Customer for the particular financial year, including the estimated income earned on deposit(s) is less than or equal to the basic exemption limit for Income Tax as may be specified by the Finance Act, for the respective financial year.
The Customer shall follow the process flow provided below for
Submission of Form15G/ Form15H as may be applicable, through FedMobile.
- Customer logs into FedMobile using his MPIN.
- Customer selects the ‘15G/H’ option from FedMobile -> More -> 15G/H Registration.
- Customer enters the following details in the field:
- PAN card number (optional field).
- Date of Birth as per PAN card (optional field).
- Last year of filing Income Tax return – Under this field, the customer shall select the applicable option from the drop-down box displayed.
- Estimated income for Current Financial Year.
- Customer shall accept the terms and conditions and clicks on validate button.
- A set of validations prescribed by the Bank will be implemented to check the details entered by the customer.
- If the validations are successful, a confirmation page with following details shall be displayed:
- Form Type (15 G / 15H)
- PAN Number
- Estimated Income
- Customer shall confirm the details and thereafter submit the request by entering the FedMobile MPIN (Mobile Banking PIN).
- The Customer shall receive an instant notification in FedMobile on updating the Form 15G/H in Bank’s records upon successful submission of the relevant form.
- This registration details can be viewed in More -> 15G/H Download
Updation of Form15G/ Form15H as may be applicable, through FedMobile
In cases of existing 15G/15H Registered customers, the same needs to be updated at the time of opening a new deposit.
- Customer selects the option for opening of a new Term Deposit through FedMobile.
- After entering the details of the deposit to be opened, the status of the customer will be checked by the system for any existing 15G/15H registrations.
- Since the customer is already registered for 15G/H, then the Estimated Income & Last Year of Filing IT Return will be asked to be entered by the customer.
- The details entered by the customer & the assessment by the bank will be processed by system.
- If the customer is eligible for tax exemption after opening of the proposed deposit:
- Then the following screens will be shown:-
- Customer shall confirm the details and by entering the FedMobile MPIN (Mobile Banking PIN).
- Deposit will be opened & marked with the 15G/15H registration.
- Updated registration details can be viewed in More> 15G/H Download
- If the customer is not eligible for tax exemption after opening of the proposed deposit:
- Suitable message will be displayed regarding not eligible for tax exemption after opening the deposit & to deregister existing registration if a new deposit has to be opened.
Deregistration of Form15G/ Form15H as may be applicable, through FedMobile.
- Customer logs into FedMobile using his MPIN (Mobile Banking PIN).
- Customer selects the ‘15G/H’ option from FedMobile -> More -> 15G/H Deregistration.
- Confirmation message is shown to the customer & customer must accept the same before deregistration.
- Customer shall confirm the details and submit the request by entering the FedMobile MPIN.
- The decision of the Bank’s Back office Team regarding approval/rejection of the Form 15G / Form 15 H, shall be final and binding on the Customer.
- Once the Form 15 G / Form 15 H is approved by the Bank’s Back office Team, the Bank shall not deduct TDS from the fixed deposits/recurring deposits of the Customer for the particular financial year. Customer agrees and undertakes that the Customer shall be solely responsible for verifying the correctness of the details filled up in the Form 15 G / Form 15 H.
- The Customer further indemnifies the Bank against any claims, losses, damages or penalties that may be incurred, sustained or levied on the Bank on account of non-deduction of TDS from the fixed deposits / recurring deposits of the Customer, based on the Form 15 G / Form 15 H filed by the Customer through FedMobile. The Customer alone shall be liable for claims of any nature, loss and any damages that may be caused to the Bank or the Customer due to misuse or otherwise of the Facility either by the Customer, its staff, agents, authorized signatories, by any person making an unauthorized access to the Customer’s accounts or on account of any error, mistake or omission in the Form submitted by the Customer.
- The Customer further understands and agrees that:
- Fresh Form 15 G / Form 15 H, as may be applicable, needs to be submitted every Financial Year for getting exemption from TDS.
- Fresh Form 15 G / Form 15 H, as may be applicable, needs to be submitted for new deposit(s) opened.
- The Bank shall not be liable for any consequences arising due to non-submission or delayed submission of Form 15 G / Form 15 H.
- Tax which has already been deducted cannot be refunded back and has to be claimed from Income Tax Department by filing the returns.
- THE FACILITY IS PROVIDED BY THE BANK ON A BEST EFFORTS BASIS AND THE BANK DOES NOT WARRANT THAT FACILITY SHALL BE UNINTERRUPTED OR ERROR FREE. TO THE EXTENT PERMITTED BY LAW, THE BANK DISCLAIMS WARRANTY OF ANY KIND, WHETHER EXPRESS, IMPLIED, STATUTORY, OR OTHERWISE RELATING TO THE FACILITY PROVIDED TO THE CUSTOMER INCLUDING FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT.
- The Customer also agrees that, the Bank may at its sole discretion discontinue the Facility provided to the Customer without any prior notice.
- These Terms are supplemental to and are to be read in conjunction with FedMobile Terms and Conditions
Deposit Receipt /Passbook
Normally physical deposit receipt/passbook is not issued for term deposit/FSF opened through the app. However, a customer who wishes to get a deposit receipt may approach his branch for the same.
Closing of Resident/NRE Term Deposit opened online
Offline Request can be submitted through FedMobile for closing term deposit opened online through FedMobile. Term Deposit accounts opened through the app and where Deposit receipts are not printed only can be closed through FedMobile offline request. For closing accounts where deposit receipts are already printed, customers have to approach the branch and submit the same. The proceeds of the term deposit will be transferred only to the debit account from which it was funded.
Term Deposits will be automatically renewed on maturity for a similar Term on same terms and conditions (except rate of interest). Rate of interest payable on the deposit thus renewed will be the rate prevailing on the date of renewal.
Interest rate applicable to the term deposit will be the interest rate prevailing as on the date of opening the term deposit.
- Interest payable for premature closure of Resident/NRE Term Deposit / FSF will be the deposit rate applicable as on the date of opening of the deposit for such period that the deposit has remained with the Bank. For NRE deposits no interest will be paid if closed before completion of 1 year.
- Pre closure penalty of 1% will be levied on Residents deposits above 15 lacs i.e., interest rate applicable for the covered period will be reduced by 1%.
- Pre closure penalty of 1% will be levied on NRE deposits above 15 lacs i.e., interest rate applicable for the covered period will be reduced by 1%.
- No interest is payable if NRE Term deposit is closed before completion of 1 year. Pre-payment penalty is not applicable to NRE Term deposits closed before completion of 1 year.
- Premature closure charges: FSF accounts- Rs100/- plus ST if closed prematurely within a year