The tax is entirely imposed on interest earned on deposits and bank accounts. You are required to pay tax on your interest if your income exceeds Rs 40,000 per year. In the case of older people, the upper limit is Rs 50,000. In that case, what if your taxable income is lower than the threshold for tax exemptions? The following is a simple method for submitting forms 15G and 15H on the HDFC portal. We also discussed methods HDFC bank customers can use to avoid TDS.