Updated: April 2025
| Taxpayer Category | Payer | Old Threshold (FY 2024-25) | New Threshold (FY 2025-26) |
|---|---|---|---|
| General (below 60 years) | Banks / Post Offices / Co-op Banks | ₹40,000 | ₹50,000 |
| Senior Citizens (60+ years) | Banks / Post Offices / Co-op Banks | ₹50,000 | ₹1,00,000 |
| All Taxpayers | Other Entities (Companies, NBFCs) | ₹5,000 | ₹10,000 |
| Feature | Section 80TTA | Section 80TTB |
|---|---|---|
| Who Can Claim | Individuals & HUFs below 60 years | Resident Senior Citizens (60+ years) |
| Maximum Deduction | ₹10,000 per year | ₹50,000 per year |
| Savings Account Interest | Covered | Covered |
| Fixed Deposit Interest | NOT covered | Covered |
| Recurring Deposit Interest | NOT covered | Covered |
| Post Office Deposit Interest | NOT covered | Covered |
| Available Under Old Regime | Yes | Yes |
| Available Under New Regime | No | No |
| Can Both Be Claimed Together? | No — mutually exclusive | No — mutually exclusive |
| Source of Interest Income | Taxable? | TDS Under | Deduction Available |
|---|---|---|---|
| Savings Bank Account | Yes — slab rate | No TDS on savings interest | 80TTA (₹10,000) / 80TTB (₹50,000) |
| Bank Fixed Deposit (FD) | Yes — slab rate | Section 194A | 80TTB only (senior citizens) |
| Recurring Deposit (RD) | Yes — slab rate | Section 194A | 80TTB only (senior citizens) |
| Post Office Time Deposit | Yes — slab rate | Section 194A | 80TTB only (senior citizens) |
| Corporate Bonds / Debentures | Yes — slab rate | Section 193 | None |
| Government Tax-Free Bonds | No — fully exempt | No TDS | Not required — income is exempt |
| PPF Account | No — fully exempt | No TDS | Not required — EEE status |
| Sukanya Samriddhi Yojana | No — fully exempt | No TDS | Not required — government exempt |
| NRE Account (Savings / FD) | No — fully exempt | No TDS for NRI status | Exempt under Section 10(4) |
| NRO Account | Yes — taxable | 30% flat TDS (Section 195) | Subject to DTAA benefits |
Built on official standards and verified by certified professionals
Last Updated: 1 April 2025
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Content reviewed for income tax accuracy — FY 2025-26
Calculations verified against official guidelines and industry regulations.
This Interest Income Tax Calculator India — FD, Savings & Bonds FY 2025-26 is built on official guidelines and verifiable sources:
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