Form 15 G and H are forms required to be filled in and submitted to bank authorities to get an exemption from tax deduction at source from the interest income that you earn from the deposits. Form 15 G is for resident individuals below the age of 60 years and Form H is for resident individuals who are above the age of 60 years. Once these forms are filled you need not worry about tax deduction from interest income on FDs and other deposits. These forms are basically needed to be filled in order to declare that your annual income is below the taxable limit of Rs 2,50,000 per annum and hence you are not liable to pay any taxes. Hence no TDS should be deducted from your interest payments.
A lot of people holding of fixed deposits does not lie in income tax slab, that’s why they submit Form 15G/H as undertaking to the bank and the bank will make the payment without deducting the TDS. Sometimes, if your interest income is calculated above tax exemption slab, then there is no use of submission of Form G&H. https://financialcontrol.in/form-15g-and-15h/