Even RRB’s to Acknowledge at the time of submission of Form 15-G / 15-H

Acknowledgement of submission of Form 15-G / 15-H

In addition to the All Scheduled Commercial Banks even RRBs has been advised by RBI vide its Circular No. RBI/2012-13/542 RPCD.CO.RRB.BC.No. 78/03.05.33/2012-13 dated June 24, 2013 With a view to protect interest of the depositors and for rendering better customer service to give an acknowledgment at the time of receipt of Form 15-G/15-H. Complete Circular is reproduced here below:-

RBI/2012-13/542

RPCD.CO.RRB.BC.No. 78/03.05.33/2012-13

June 24, 2013

All Regional Rural Banks

Dear Sir/Madam,

Acknowledgement by RRBs at the time of submission of Form 15-G / 15-H

As you are aware RRBs are not required to deduct TDS from depositors who submit declaration in Form 15-G/15-H under Income Tax Rules, 1962. However, it has been brought to our notice that despite submission of Form 15-G/15-H by customers, RRBs are deducting tax at source, at times, causing inconvenience to customers resulting in a number of complaints. Such instances arise because either the forms are misplaced or a track is not kept of forms received in the branches.

2. The matter has been examined. With a view to protect interest of the depositors and for rendering better customer service, RRBs are advised to give an acknowledgment at the time of receipt of Form 15-G/15-H. This will help in building a system of accountability and customers will not be put to inconvenience due to any omission on part of the banks.

Yours faithfully,

(A. Udgata)

Principal Chief General Manager

You may also like:

Acknowledgement by banks at the time of submission of Form 15-G / 15-H