Canara Bank, in conjunction with the Reserve Bank Innovation Hub (RBIH), announced the launch of “Digitalised Submission of Form 15G/15H” as one of our customer-friendly services, furthering our commitment to “Customer Delight.”
Form 15G (Individual and HUF) and Form 15H (Individual-Senior Citizen) are self-declaration forms that an individual submits to the bank to request that TDS on interest income not be deducted because their income is less than the basic exemption limit. It is necessary to provide PAN for this.
Several residents, particularly elderly citizens, make their 15G & 15H contributions to their banks at the start of each fiscal year, particularly in the first few weeks of April. Our bank currently accepts submission of these forms via online banking/mobile banking, which needs knowledge of and access to Mobile/Internet Banking.
Many elderly people are unfamiliar with Internet and mobile banking services. They stand in long lines all day in bank offices to submit these tax waiver forms.
RBIH (Reserve Bank Innovation Hub) identified the issue, talked with numerous banks for prospective solutions, and then conceptualised and prepared a blueprint to address the aforementioned issue.
The proposed solution made use of technologies that our older residents were already familiar with, as well as an OMNI-channel approach. All depositors, including senior persons, can now conveniently submit their Tax Waiver forms through SMS and Website (using their registered cellphone number), at any time and from any location
