Income tax payable

if you ask for best practice you should disclose it to your employer about interest receipt on FD's

on other hand

you are not eligible to give 15G to bank as your income level exceeds income which not chargeable to tax

so best practice is you withdraw /dont submit your 15G for this year

and show the same in incometaxreturn while preparing return of income of yours,and claim TDS at that time which is deducted

Mam

it is better that you communicate the details regarding interest on fd to your employer

so that he would deduct tds on it, other wise you have to pay it as a advance tax

Note :: Do not fill form 15G from next year onwards since you are not eligible as stated above by my dear member

Yes, you are not eligible to fill Form 15G in bank as your income is above exemption limit & you should also declare interest received on FD in your ITR as said by my above friends.