Question 1

Is the Savings Account interest income taxable, and how should I declare it?

Accepted Answer

The interest earned on Savings Account deposits is taxable in India per your income tax slab rate. You must declare it under the sub-header ‘income from other sources’ while filing your returns.

Question 2

Can I claim deductions on Savings Account interest income? If yes, how?

Accepted Answer

Yes, you may claim a deduction on the interest earned on your Savings Account. Under Section 80TTA of the Income Tax Act of India, 1961, you may claim a deduction if your annual interest income from all deposits, does not exceed INR 10,000.

Question 3

I am a senior citizen. Do I qualify for additional tax deductions on Savings Account interest rates?

Accepted Answer

As a Resident Indian above 60 years of age, you can avail of deductions of up to INR 50,000 p.a., on interest earned from various types of deposits, including interest on bank Savings Accounts and bank and post office fixed deposits. You can avail of this deduction over and above the INR 1.5 lakhs deduction permitted under Section 80C of the IT Act.

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Savings Account Interest Rates

Frequently Asked Questions

Related Links

Savings account for privileged customers

Recurring Deposit

Savings Account

Fixed Deposit(noun. /fɪkst/ dɪˈpɒzɪt/)

(noun. /fɪkst/ dɪˈpɒzɪt/)

Topics

Open digibank Savings Account & get ₹250* Amazon voucher

Our Products

Need Help?

Interest Rates & Calculators

Others

Download digibank

Useful Links

Markets

Savings account for
privileged customers

Fixed Deposit
(noun. /fɪkst/ dɪˈpɒzɪt/)