Canara Bank, in collaboration with Reserve Bank Innovation Hub (RBIH), is pleased to announce the launch of “Digitalised Submission of Form 15G/15H” as one of customer friendly services adding to our pursuit of “Customer Delight”.
Form 15G (Individual and HUF) and Form 15H (Individual-Senior Citizen) are self-declaration forms that an individual submits to the bank requesting not to deduct TDS on interest income as their income is below the basic exemption limit. For this, providing PAN is compulsory.
At the start of every financial year, especially in the first few weeks of April, several citizens – especially senior citizens – make their 15G & 15H submissions to their banks. Presently, our Bank is accepting submission of these forms through online Banking/ Mobile banking which requires knowledge and access to Mobile/ Internet Banking.
Many Senior citizens are not conversant with Internet / Mobile banking applications. They stand in long queues all day to make submissions of these Tax waiver forms in the bank branches.
RBIH (Reserve Bank Innovation Hub) identified the problem, consulted several Banks for potential solutions and then, conceptualised and created a blueprint to address the above issue.
The proposed solution leveraged technologies that were familiar to our senior citizens and also used an OMNI-channel approach. All Deposit holders, including Senior citizens, can now easily submit their Tax waiver forms through SMS and Website (with their registered mobile number), Any Time Any Where.
About Canara Bank:
Widely known for customer centricity, Canara Bank was founded by Shri Ammembal Subba Rao Pai, a great visionary and philanthropist, in July 1906, at Mangalore, then a small port town in Karnataka. The Bank has gone through the various phases of its growth trajectory over hundred years of its existence. Growth of Canara Bank was phenomenal, especially after nationalization in the year 1969, attaining the status of a national-level player in terms of geographical reach and clientele segments. Eighties was characterized by business diversification for the Bank. In June 2006, the Bank completed a century of operations in the Indian Banking industry. The eventful journey of the Bank has been characterized by several memorable milestones. Today, Canara Bank occupies a premier position in the comity of Indian Banks.
Over the years, the Bank has been scaling up its market position to emerge as a major Financial Conglomerate with as many as ten subsidiaries/sponsored institutions/joint ventures in India and abroad. As at June 2022, Canara Bank services over 10.4 crore customers through a network of 9,732 branches and 12,201 ATMs/Recycler spread across all Indian states and Union territories.