Which bank has partnered with the Reserve Bank Innovation Hub to introduce a new customer-friendly service for digital submission of Form 15G/15H to avoid TDS deduction?

Solution

As per the information given below, the correct answer is option C. Canara Bank, in partnership with the Reserve Bank Innovation Hub (RBIH), has introduced a new customer-friendly service called “Digitalised Submission of Form 15G/15H,” which is aimed at enhancing customer satisfaction. These are self-declaration forms that individuals submit to the bank to avoid the deduction of TDS on interest income, provided their income is below the basic exemption limit. These forms, namely Form 15G (for individuals and HUFs) and Form 15H (for senior citizens), require PAN information to be furnished. A lot of residents, especially senior citizens, submit their 15G and 15H forms to their banks at the beginning of each fiscal year, particularly in the first few weeks of April. Presently, our bank allows these forms to be submitted through online banking or mobile banking, which require familiarity with and access to these services.