Is 15g invalid if interest income is above 1 lakh?

Deepali (Student CA IPC / IPCC) (82 Points)

31 March 2015  

I just want to know if 15G form would stand invalid if interest income crosses Rs. 1 lakh. I was told this by one of the nationalized bank. I submitted 15G form being a housewife and during the year interest income crossed Rs. 1 lakh. They deducted TDS. When asked they said 15G form will be canceled if interest income crosses Rs. 1 lakh. Is it the rule?

Please confirm