If my savings interest is ₹18,334, can I claim a deduction?

Yes. If you are under 60, Section 80TTA lets you deduct up to ₹10,000 of savings-bank interest, leaving ₹8,334 taxable. If you are a senior citizen, Section 80TTB covers up to ₹50,000 of all deposit interest, so the whole ₹18,334 is deductible. Both apply only in the old regime.

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Income Tax · Deductions · Interest

Deduction on savings & deposit interest — Section 80TTA and 80TTB

✍️ Answered by EaseValue Advisors · Updated 17 Jul 2026 · 3-min read

Quick answer

Section 80TTA gives a deduction of up to ₹10,000 on savings-bank/post-office interest for those under 60. Section 80TTB gives senior citizens ₹50,000 on all deposit interest (savings + FD). Both are old-regime (Section 153).

Section 80TTA (under 60)

Deduction up to ₹10,000 a year on interest from a savings account (bank/post office/co-op).
Fixed-deposit interest does not qualify.
For individuals and HUFs below 60.

Section 80TTB (senior citizens, 60+)

Deduction up to ₹50,000 on all deposit interest — savings and fixed/recurring deposits.
Replaces 80TTA for seniors (you claim one, not both).

Your example — ₹18,334 savings interest

Under 60: claim ₹10,000 under 80TTA, so only ₹8,334 is taxable. Senior citizen: the whole ₹18,334 is covered by the ₹50,000 80TTB limit — nothing taxable.

Regime note

Both are old-regime deductions — not available in the new regime. See senior-citizen benefits.

General information based on the Income-tax Act as it stands, not advice on your specific case. Tax outcomes depend on your exact facts and residential status. © EaseValue Advisors LLP.

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