Finance Bill 2015, has proposed amendment that a limit of Rs.10,000*(For senior citizen Rs.50,000) interest for deduction of TDS is to be computed with reference to the interest credited / paid by a banking company (Bank as a unit, when the bank has adopted Core Banking Solution (CBS) instead of per branch considered earlier w.e.f 1st July 2015.Definition of a Time Deposit
Finance Bill 2015, has amended the definition of Time Deposit to include Recurring Deposit which was not there earlier w.e.f 1st July 2015.
In view of the above, all esteemed Members of the Bank are requested to submit "Form 15H" and "Form 15G", if applicable, from the current financial year to your Home Branch at the earliest.
We value your banking association with us and look forward to maintain the same patronage with us in future. For any further enquiries, please contact your nearest Branch or Corporate Office for clarification.