Banking · Taxation and Accounts
Mr. Verma opened a Savings Bank (SB) account with a low balance. He is a senior citizen who submits Form 15H and expects to make frequent withdrawals. Which of the following statements is correct regarding this scenario?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1A savings bank account cannot be operated frequently for withdrawals
- 2A minimum balance must always be maintained regardless of bank product rules
- 3Savings bank accounts are highly illiquid compared to term deposits
- 4Form 15H submission avoids TDS on interest income if total income is below taxable limit✓
Correct answer
Form 15H submission avoids TDS on interest income if total income is below taxable limit
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