Ways to Reduce or Save Tax on Fixed Deposits If your total income for the year is below Rs 2.5 lakh, you can submit or use  form 15G / 15H . This will ensure that the bank does not deduct TDS since income does not fall in the taxable slabs and you are not liable to pay any taxes. 15 G : For below 60yrs 15 H : For senior citizen , above 60 yrs What is Form 15G and 15H? Form 15 G When a depositor’s annual income is less than Rs.2.5 lakh (or Rs.3 lakh for senior citizens) and tax due is nil, then the depositor must file Form 15G or Form 15H with the bank requesting the bank to not deduct TDS on interest income from FDs exceeding Rs.40,000 or, in the case of senior citizens, Rs.50,000. Form 15H Form 15H is similar to Form 15G, except that Form 15H is exclusively for senior citizens who are 60 years and above in age. Conditions For Form 15H The depositor should be 60 or above of age Annual income should be less than Rs.3 lakh in case of senior citizens and Rs...