Buying shares in a schedule coop bank useful for tax purpose

I have some Fixed Deposits in a Scheduled Coperative Bank. The interest income from my FD's will cross Rs 10000 for financial year 2013-14. But when I asked the officer for form 15G for tax purpose, she told me to take shares of the said cooperative bank. Does becoming a shareholder of a scheduled co-op. bank makes one eligible for tax exemption from TDS in case the interest income crosses Rs. Ten Thousand?