Ms Noopur Runjhun (what a surname!!) seems to have considered metro cities and other big cities only. Leave aside villages, you just have to go to smaller towns to see that the same old system (queues, withdrawal slips and all) still continues. Flashy banks like ICICI bank, Axis bank etc generally do not have their presence there. These banks are of "sukh me saathi" type.
It is the dear old SBI for these small cities (and villages).
Caveat emptor in Latin means “Let the buyer beware” - A warning that notifies a buyer that the goods he or she is buying are "as is," or subject to all defects. Depositors deal with banks at their own (depositors’) risk. While submitting Form 15G/H in duplicate, take out an extra photocopy and insist on the bank official to give an acknowledgement on the photocopy. If, despite this, a bank deducts the TDS, then one can legitimately claim the deducted amount from the bank. The trick is knowing whether the bank has deducted the TDS or not. The best method to find this out is to visit the bank in the first week of April and ask for an interest certificate on the fixed deposit. Here, the bank has no option but to disclose the amount of TDS deducted. If TDS has been deducted, insist on reversing the TDS. Generally, the Income Tax Department gives some time (usually one month) for the collected TDS to be deposited with them. Hence, banks can easily refund the TDS deducted.
All the deposit customers are supposed to submit Form 15 G / H for non-deduction of TDS on the interest earned on their deposits. But many do not obtain any ack. from the Bank for having submitted the same. This results in the Bank deducting TDS without the knowledge of the Customer specially those having Spl. TDRs on which int. is paid on maturity. Thus one comes to know of TDS deducted 3/4 yrs. earlier and customer without any ack. is left to the mercy of the Bank. Even the Bkg. Ombudsman is not of much help, as in most cases, decisions are given fvg. the Banks. Hence, make it a point to obtain ack. for all the documents given to the Bank.
Re: Take bank's ack. for submitting Form 15 G / H
by vandana gupta on Sep 07, 2012 12:35 PM
100% correct beeram same happened with me in ing vysya without notice they have deducted tds from the interest amount and the difference is posted in my regular account where we cannot make out the change neither they informed nor they sent any letter inspite of my 15G submission well in advance due to negligence of branch it happened and the branch manager is also not taking any interest in the issue
The Banking Ombudsman is a big joke in india one fails to locate where exactly they r e.g in Gujarat u end up with Reserve bank that's knocking yr head against a steel door.
Re: Re: 4 things.....bank
by shivendra Madhusudan on Sep 07, 2012 06:22 PM
Then may be you are knocking the wrong door. Banking Ombudsman is a strong tool in your hand. I have used them many times in Gujarat and every time I have benefitted. I live in Ahmedabad.
Re: Re: 4 things.....bank
by shivendra Madhusudan on Sep 07, 2012 06:22 PM
Then may be you are knocking the wrong door. Banking Ombudsman is a strong tool in your hand. I have used them many times in Gujarat and every time I have benefitted. I live in Ahmedabad.
Re: Re: 4 things.....bank
by shivendra Madhusudan on Sep 07, 2012 06:23 PM
Then may be you are knocking the wrong door. Banking Ombudsman is a strong tool in your hand. I have used them many times in Gujarat and every time I have benefitted. I live in Ahmedabad.
