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Is savings account interest taxable in India?
Updated · CardKhoj Editorial Team
Short answer
Yes. Savings account interest is added to your income and taxed at your slab rate. Under the old tax regime, up to ₹10,000 a year is exempt (₹50,000 for senior citizens, which also covers FD interest). The new tax regime does not offer this deduction. Banks do not deduct TDS on savings interest.
Quick summary
| Old regime | New regime | |
|---|---|---|
| Deduction (below 60) | Up to ₹10,000 (savings interest only) | None |
| Deduction (60+) | Up to ₹50,000 (savings + FD + RD interest) | None |
| TDS by bank | No | No |
How to report it
Download the interest certificate from net banking or check your Annual Information Statement (AIS) on the income tax portal, and show it under “income from other sources” in your return. Missing it can lead to a tax notice because banks report interest to the tax department.
This answer is general information, not personalised financial or tax advice. Rules, rates and limits change — confirm with your bank, the RBI or a qualified adviser before making decisions.