Updated. Oct 22, 2018, 04. If you invest in a taxable investment like a bank fixed deposit FDrecurring form 15g format download or company deposit, the interest you earn gets taxed. In most fixed-income products, from it's a tax-free investment, since the interest income earned during the year has to be added to your income it will be taxed. In other words, the interest income is entirely taxable as per the individual's income tax rate of 5. Form 15H can be submitted only by Individual above the age of 65 years. The assessee can submit 15H, even if the interest income exceed basic exemption limit, provided the tax paid on total income for the relevant previous year is NIL. This form should be submitted to all the deductors to whom you advanced a loan. For example you have deposit in three SBI bank branches Rs. You must submit the Form 15H to each branch.