Money & Banking

Banking convenience? Make eDeposit online, but submit Form 15 G/H at branch

L N Revathy Coimbatore | Updated on January 15, 2018

While State Bank of India permits a depositor to make an eDeposit through the SBI online banking platform, the depositor has to visit the branch to submit Form 15 G/H. Paused to think about this gap?

“The bank has admitted that it does not have the facility for submission of the form, but the site begs to differ. It reads “online 15G and 15H submission is available from October 1, 2015”, said Kathirmathiyon, Secretary, Coimbatore Consumer Cause (CCC), bringing this mis-information (posted on the Pradhan Mantri Jan Dhan Yojana site) to our notice.

The forum has made innumerable representations, both to the bank and the PMO, but to no avail, says the CCC Secretary.

Urging the government to look into the issue, Kathirmathiyon said “even if the form is submitted during the first week of April at the branch, the depositor will have to revisit the branch every time the deposit is renewed automatically and re-submit the form, else tax will be deducted at source and the depositor will have to file his tax returns and claim refund.

“Further, when the renewal is made online, the depositor will be given to understand that the form (15G/H) exists but a visit to the branch later would reveal that the books do not reflect the submission.”

The submission should be done every year at the beginning of the fiscal notwithstanding the submission of a hard copy with every renewal.

The CCC secretary further said not many are aware of this and tend to wake up only after deduction of tax at source.

“We took up the issue almost six months back but do not see any change,” Kathir said.

Published on April 06, 2017

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