Form 15G and 15H are self-declaration forms that allow customers to claim exemption from tax deducted at source (TDS) on their interest income. The forms are typically submitted by customers to banks and other financial institutions to claim tax exemption on their fixed deposits and other savings schemes.
Under the new process, customers of Union Bank can submit Form 15G and 15H electronically, through the bank’s website or mobile app. This will eliminate the need for physical submission of the forms and make the process faster and more convenient for customers.
In addition, Union Bank has also simplified the process of submitting Forms 15G and 15H by reducing the number of mandatory fields in the forms. This will further simplify the process and make it easier for customers to submit the forms.
The move is in line with RBI’s efforts to simplify the regulatory framework and reduce the compliance burden on customers. RBI has been working closely with banks to streamline processes and improve the customer experience.
The new process has been welcomed by customers, who have praised Union Bank for its efforts to simplify the submission process. Many customers have stated that the new process is faster, more convenient, and more user-friendly than the previous process.
The move is expected to benefit a large number of customers of Union Bank, who can now claim tax exemption on their interest income more easily and conveniently. It is also expected to set a benchmark for other banks to simplify their processes and improve the customer experience.
Union Bank has been at the forefront of implementing digital initiatives and leveraging technology to improve its services. The bank’s efforts to simplify the submission process for Form 15G and 15H is another step in this direction and is expected to further enhance the bank’s reputation as a customer-centric bank.
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