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Fixed Deposits FAQs

What is the Eligibility Criteria to open a FD?
Smart Fixed Deposit can be opened either as single holder or joint holder saving deposit or for entities
All bank deposits are covered under the insurance scheme offered by Deposit Insurance and Credit Guarantee Corporation of India (DICGC) subject to certain limits and conditions. The details of the insurance cover in force, will be made available to the depositor as and when requested.
  • Tax on interest earned on a fixed deposit shall be deducted at source on each interest payment /credit whichever earlier and on interest accrued on March 31 of every year as per the Provisions of Sec 194A of Income Tax Act 1961., if the total interest from all FDs with the bank for the financial year exceeds ₹ 40,000 (as specified by the income tax act).
  • TDS certificate for the amount deducted shall be issued by the bank every quarter.
  • For no tax deduction at source individuals having PAN must submit form 15G/H at the beginning of every financial year. If not submitted- TDS will be deducted.
  • In case customer wants to Submit Form 15G/H in mid of the month/year, 5th of every month would be taken for consideration. Till the date of receipt of 15G/H, TDS would be deducted, and balance period Exemption would be marked from the month of submission to 31st March.
  • Please note that TDS will be Exempted only up to the maximum of the income tax slab, i.e., interest income up to
    ₹ 2.50 Lakhs for individual and ₹ 5.00 Lakhs for Senior Citizen( Taxable Income after all deductions and rebates).
  • In-case of a joint FD, TDS will be deducted in the name of the first account holder.
  • For Minor Accounts Guardian’s PAN will be considered for TDS.
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As per KYC norms of the bank. For account opening, an Aadhar and PAN card would suffice.
  • Customer will be given the option of cumulative interest (compounding) at the end of every quarter, or payout at the end of every month, or payout at the end of every quarter
  • Customer has to convey his/her option at the time of opening the account. No changes shall be allowed at a later date.
  • Default option is cumulative interest, with interest being compounded quarterly
  • Any interest payouts to customers will be net of TDS.

Form 15G/H is a declaration which a customer can submit to ensure that the tax is not deducted at source on the interest income if s/he meets the applicable conditions. Additionally, the customer should also have a Permanent Account Number (PAN) before claiming a tax deduction through Form 15G/H.


Type of Form
Form 15G
Statement of Declaration under section 197A (1) and section 197A (1A) by an individual claiming certain incomes without deduction of tax.

Form 15H
Statement of Declaration under section 197A(1C) by an individual who is of the age of sixty years or more claiming certain incomes without deduction of tax.

The main difference between Form 15G and Form 15H is that Form 15G is meant for non-senior citizens, whereas form 15H is meant for senior citizens only (60 Years and above).
There is no time limit or due date for submitting Form 15G/H to Fincare Small Finance Bank (FSFB). However, it is advisable to submit it at the beginning of the financial year (i.e., April 01st ) or as and when the new deposit is created.
The date of birth (DoB) and PAN should be updated in your FSFB account(s) in the bank’s records. As per Central Board of Direct Taxes (CBDT) circular number 03/11, in the absence of PAN, Form 15G/H and other exemption certificates submitted will be invalid and penal TDS will be applicable.
TDS is to be deducted when the interest income earned exceeds ₹ 40,000 in a financial year for all resident Non Senior Citizen Customers, In case of resident senior citizens, TDS is to be deducted when the interest income earned exceeds ₹ 50,000 in a financial year.
Form 15G/H are valid for one financial year ending on March 31st of every year. So, customer needs to submit these forms every year if they are eligible. Submitting them as soon as the financial year starts will ensure non-deduction of any TDS on the interest income earned.
Yes, Form 15G/H are only a declaration that no TDS will be deducted on your interest income.
  • Company (Both Public and Private Ltd)
  • Partnership Firm.
  • Foreign National
  • Non Resident Indian (NRI)
The threshold of ₹ 40,000 (interest income earned) is to be calculated in aggregate, i.e., the interest income earned from all the deposits from all the branches across the FSFB are to be included while calculating the threshold of ₹ 40,000. (For resident senior citizens, the threshold applicable is ₹ 50,000). This is at the PAN level across all branches of the Bank.
The only way to seek refund of excess TDS deducted is by filing your income tax return. The TDS that is deducted before the form is submitted will not be refunded by the FSFB, as the FSFB would have already remitted it to the income tax department. Income tax department will refund the TDS deducted, after you file an income tax return. Whether Fincare SFB depositor needs to visit the nearest branch to provide the Form 15G/H, if not already shared. No, FSFB Depositor can download the forms which is available in the “Forms Centre” on our website www.fincarebank.com and fill in the part 01 of Form 15G/ H and dispatch it to the below mentioned address.