Rs 10,000 Income Tax Exemption on Saving Bank interest – Sec 80TTA

POSTED BY Jagoinvestor ON September 12, 2013 COMMENTS (116)

You can now save tax on an additional Rs 10,000 that you earn from savings bank interest. In the financial bill 2012, A new section called 80TTA was added to the Income Tax Act – 1961. This section allows an income tax deduction of up to Rs 10,000 to an individual or a HUF for interest earned on the savings bank account held with a Bank, Post Office or a Society.

Note that it’s not applicable on Fixed Deposits or Recurring Deposits. It’s only applicable to a normal savings bank account. The section is applicable with effect from April 01, 2013 and will apply from AY 2013-14 onwards.

Few Clarifications on 80TTA (Amendments)

  • If the interest earned out of saving bank account is more than Rs 10,000 . You will have to pay tax on the remaining amount over and above Rs 10,000
  • This tax deduction is over and above Rs 1 lac deduction under Sec 80C.
  • Rs 10,000 is the total deduction allowed by combining all the saving bank accounts interest. If you earn Rs 6,000 from each of 3 different accounts (Total Rs 18,000) , you will get deduction of Rs 10,000 and pay tax on remaining Rs 8,000.
  • The filing of income tax return would not be mandatory if your Gross Total Income is below the applicable basic exemption limit even though interest on saving accounts exceeds Rs. 10,000/ . (For example , if your saving bank interest is Rs 40,000 , but overall income is still Rs 1,60,000/year, you dont have to file income tax return)

Relief from tracking Small interest amount

The best thing I love about this tax deduction is that for tax purposes, investors will no longer have to worry about considering small amounts of interest that they earned on their savings bank account. It was a common occurrence to get a few hundred rupees as interest multiple times a year and it was a real pain to include them while computing taxable income. Almost all investors avoided including them, and thus were officially coming under the scanner as tax avoiders. With this tax deduction, they can now breathe a big sigh of relief.

Will fixed deposits give better returns ?

The answer is YES, in almost all cases, Fixed Deposits (despite being taxable) will give better returns than a normal savings bank account. However, there is a special case where Fixed Deposits are going to only marginally beat a normal savings bank account. It’s for those who come under the 30% tax slab and those whose saving bank interest rate is close to 6% (like Kotak or YES Bank).

I know this is a small percentage of investors, but if they invest some money in Fixed Deposits, the net returns are going to be very close to those of a normal savings bank account. Assuming they want to invest Rs 1 lakh or 1.5 lakhs for a year, returns on a 1 year Fixed Deposit after tax will be very close to interest earned on a savings bank account, because the latter will not be taxable. The table below explains this in more detail

saving bank fixed deposit sec 80TTA

Huge Balance in Saving bank Account ?

If you are earning 6% from your savings bank account, it takes Rs 1.66 lakhs to get Rs 10,000 interest in a year and if you are earning 4% interest, it will take 2.5 lakhs balance through the year to get the full exemption. However in our experience, we have seen a lot of our clients, as well as other investors, who keep a huge savings bank account balance – as high as 20-30 lakhs in some cases. In that case you will be earning a huge amount of interest on your savings bank account and it will all be taxable. So it is always a good practice to create a Fixed Deposit for the excess amount and only keep about 1-2 lakhs in your savings bank account.

Is your saving bank account interest more than Rs 10,000 in a year ?

116 replies on this article “Rs 10,000 Income Tax Exemption on Saving Bank interest – Sec 80TTA”

  1. M A Shaikh says:

    Dear Manish,
    I earned interest on bank FDs for during the year 15-16 Rs.1,20,000/- for which I have submitted FORM 15G – so no TDS was deducted by bank.
    No other income. Do I have to file return for the assesement year 16-17 ? Please clarify.. Thanks.

    1. If this was your total income for the year, then no , you dont have to file returns. !

  2. Kamalakar says:

    Good afternoon sir,
    I am VRS RETIREE from Andhra bank. Have I go to show the details of gratuity, commutation of pension in the return and again deduct or is it not necessary to mention because these amounts are not taxable I suppose- if I have to show n deduct where I have to mention in the online form. Please guide
    Thanks n regards,

    1. Yes you can choose to not mention it !

  3. Suresh says:

    I am a taxpayer with income from salary amounting Rs. 550000/- I have also earned Rs. 35000/- as interest on saving bank account (Other than salary), but tax on this amount has not been deducted by the bank yet. kindly clarify whether Tax on this amount (Rs. 25000/- i.e. 35000-10000) will be deducted by bank itself or I have to submit the tax via another channel.
    kindly also tell me that channel and the date by which I have tosubmit the Tax, in case the latter one is applicable.

    1. It has to be paid by yourself !

  4. Nishant says:

    Hi..I wanted clarity on whether gross savings interest amount is to be shown or net interest amount needs to be shown under income for other sources while filing IT return?

    Eg. If gross interest earned is Rs.20,000 but bank deducted TDS @ 10% and gave me Rs.18,000. So what amount needs to be shown under income from other sources…Rs.20,000 OR Rs.,18,000/-??

    Thanks in advance!

  5. Ram says:

    While filing the returns , I missed the income on savings bank account interest which is greater than 10000 for the FY12-13 and FY13-14.What should i do now for those years ?

    This year FY14-15 i am including the Savings interest component in my returns,Will there be any issue as i have not included the interest income for previous two years

  6. TVRAAO says:

    Please mention in which schedule in ITR returns these exempted incomes are to be shown.

    1. Hi TVRAAO

      A CA is more qualified to answer you query, hence I suggest better get in touch one.

      We are not right people to talk on this


    2. ramireddy says:

      Schedule EI

  7. Ayush says:

    in saving account interest on mod will be assumed under saving interest(80TTA) for FD interest?

    1. arom says:

      What do you mean by MOD? If you are referring to Multi option deposit as in sbi. Then the answer is, it is a fixed deposit and 80tta won’t apply.

  8. jithu says:

    Hi Friends, My Interest for this financial year is 18,000/-, My Capital deposits happened in the previous Financial year which was above 20 L. Should I file the ITR for the 18,000/- interest gained in the account. Should I also show the source for the capital.

    1. It does not depend on interest, but your overall income. If your overall income is below the taxable limit, you dont need to file returns and pay the tax, Else you do

  9. MANPREET says:

    Dear Manish,
    Please clarify me that if my saving account’s interest is Rs. 750 for full year, so is it compulsory to add it in other income column in itr1, then add it in 80tta or i can skip to mention this small interest received amount.
    Thanks ..

    1. Mention it atleast !

      1. MANPREET says:

        Thanks Sir.

  10. sachin says:

    Dear manish,
    My interest income from savings account is around Rs. 10850 this year (2014-15),
    In ITR 1 form, i included this amount in B3. income from other source and also entered ammount 10000 in C17. 80TTA.
    is there any more information declaration required for 80TTA ?
    what information should enter in Tax details tab << sch TDS2 details of tax deducted at source of other income salary grid ?
    please suggest on this.

    1. Hi sachin

      I am not aware of that form.

    2. Manpreet says:

      Hi Sachin,
      First you have to Pay the over n above tax on rs.10000 i.e. on rs. 850 as per your slab rate then you have to mention BSR Code, Date of Deposit , Challan no. and Tax paid amount i the tds2 details.


    3. Shashank says:

      You are correct.
      There is nothing else you need to do.

  11. Rajat says:

    My interest income from savings account is around Rs. 15,000 this year (2014-15). How will I calculate and pay the tax on Rs. 5000? Is it possible to deposit the tax amount (saving bank interest) online? If yes, how? If I have to submit tax offline, please also suggest the procedure.

    1. You need to see your total income and see which tax bracket are you into , if its 20% , then your tax will be 1,000 . You can pay it online using challan 280

      1. Rajat says:

        Dear Manish, Thanks a lot for clarification and link. I must appreciate your help.

  12. KAPIL says:

    Dear Manish,
    Please clarify the tax implications on joint bank accounts on the interest earned?
    Further what if the account is on sweep facility? How will the interest be taxed , considering that the interest on sweep is like small term deposits?

    1. The interest will be taxable to that holder, on whose money its earning . If husband deposits some amount , he will pay tax, else wife

  13. MChatterjee says:

    I am already a salaried person and submitted the tax as per my income. I have a savings account which was not used frequently. My dad works in a separate location & he had to transfer monthly amount to my mom. Now he transferred the same in my account in the begging of the month. Further I transfer it to my mom by cash or some times in her account as per her requirement. My dad also pay tax separately for his income.

    I want to know whether this will be treated as a separate income. Also how to avoid this situation ?

    1. No this will not be treated as income. Dont worry ,you are ok !

  14. Rajanna says:

    Bank paid an amount of Rs 322 to me as interest for that amount Rs 32 @ 10% was deducted as tax but I am in the slab of 30%. Can any one advice me how can I pay the remaining amount and which challan form shall I use?

  15. Deepak says:


  16. Deepak says:

    Dear Sir,
    I am regular tax payer since last 10 years . I have income of Rs 39000 as a interest from three saving bank accounts. How much amount has to be included for calculating income tax. Is interest amount of Rs 10000/- from each bank has to be deducted separately and amount of 9000 is included in income. Pl. suggest

    1. No , only total of 10k income from all bank interest will be tax free. Rest 29k is taxable !

  17. Deepak says:


    My gross income is 2 lakh 40 thousand rupees per year.

    I HAVE 3 SB Accounts (2 sole accounts, 1 either or survivor with mother)


    Recently through property sharing my mother received 3 LAKHS CHEQUE.

    My mother deposited in HER EITHER OR SURVIVOR ACCOUNT.


    KINDLY CLARIFY…Expecting a reply at the earliest

    Thank You

    1. No you will not be taxed !

      1. Deepak says:

        Thank You sir

  18. Kanaga says:

    Hai Everyone

    I am a housewife (Home Maker).therefore i have no income

    Recently my father passed away and i received my share of property (ie) around 5 lakh rupees.

    I want to open an SB ACCOUNT and deposit this money there, so that i can give it to my son when he needs some money.

    But i am afraid whether i will be posted income tax , since income from SB Interest will cross 10000 rs.

    Kindly clarify….whether i would be taxed.


    Kindly help.

    1. There wont be any income tax . The interest would be around 40-50k per year and there wont be any income tax if the total income in a year is less than the tax limit of 2.5 lacs. But there would be TDS of 10% which you can claim it back . So either you break this FD of 1 lacs in 5 banks , or just deposit form 15H in bank so that they dont deducted any TDS


      1. Kanaga says:

        thanks a lot for your information sir

  19. Raghav says:

    Hai everyone.

    My gross income is rs 250000 (2 lakh 50 thousand). i earn rs 17000 as interest from SB accounts from multiple banks.

    SHOULD I PAY TAX. Kindly tell….

    How can i exempt myself from paying Income tax for the above mentioned income

    1. I dont think you will have to pay, because anyways 10k interest is exempted , and your net income would not cross 2.5 lacs. So no need to pay tax.

      1. Raghav says:

        Thank you very much sir

  20. RamGupta says:

    Sir, I’m central Govt. employee. I have a saving bank a/c in SBI. This a/c is subscribing govt. salary package A/c. (Above 25000 Rs. it is auto sweep to MOD and giving me 8.25% interest.) My total interest for this accont in a fin-Year is above 25,000. I’m also a Tax payer on my salary. What will be with me? what can I do for better saving? As I’m new one for this type of matter.

    1. Ram Gupta

      Its not so easy to just suggest you something on tax saving like this. ONe has to understand your full details and what elements are there in your financial life.

  21. Laxman Vekaria says:

    my salary income is under 20% tax bracket. my intrest in tax saving FD is 8000 i.e below 10000. do i have to pay tax on this income and mention in ITR.

    1. You have to pay the tax anyways .. just that your TDS will not be deducted. Read more on TDS here –

  22. Purnima says:

    1. Yes 100% correct
    2. No no. Complete difference of Rs.14000 should be added to your total income as income from other sources. Then calculate tax applicable @ your tax slab. Then deduct the TDS amount keeping TDS certificate handy. Bcos amount shown in TDS certificate will be shown by IT Deptt. under your PAN no. and form 26(A) statement. Only when the figure matches, your claim will be accepted by IT Deptt.

    3. Declaring the rest of interest as your income and payment of tax alongwith delayed payment penalty interest is the proper way and that to file the returns within stipulated deadline.

    4. From next financial year onwards, if you have other than this income and your tax slab is more than 20%, and if you are having homemaker wife or major (18+) children you can put in PPF accounts in their names and also FDs in their names with joint name alongwith you. This will save you taxes upto the level of 2.5 lac per person i.e. wife plus 2 children.

  23. Vasanth says:


    I have below questions:

    1) For example: I earned 12,000 as SB interest and 12,000 as FD interest from the same bank. So, do i need to consider 24,000 under the tax exemption bracket? i.e. do i need to declare 14,000 (24,000-10,000) as income from other sources?

    2) TDS was deducted already (10%) from my FD interest. So, shall i exclude that particular amount which was already deducted and shows the rest of the interest amount as income from other sources?

    3) When i tried to file my returns, TDS deducted from one of my FDs is automatically displayed in the form (from income tax websites) with the Bank details. Since this is partial, how should i go about declaring the rest of the amount?

    Thanks in advance.

    1. 1. It will be 14000

      2. No , you have to show full income, but tax you have to pay only the remaining amount

      3. Calculate rest, pay it and then mention it in Returns

  24. Prakash Pardeshi says:

    I am having SB Plus a/c , in which above 25000/- amount sweeps automaticaly in Short Deposit a/c. Whether interest received from this deposits is exempted for 80TTA ? Pl. guide. Or only interest on simple saving a/c is exempted.

    1. Only normal saving bank interest is exempted !

  25. Prakash Pardeshi says:

    I am having SB Plus a/c , in which above 25000/- amount sweeps automaticaly in Shot Deposit. Whether interest received from this deposits is exempts for 80TTA ? Pl. guide.

  26. Sushil Mishra says:

    I am having a saving bank a/c jointly with my brother. My brother is an NRI and used to send money. Moreover my SB A/c is having facility of MOD ( Multi-option deposit) i.e money is going into FD via the Banks sweep in facility. Last financial the interest incurred was more than 10000/-. Bank has deducted TDS @ 10%. How much tax I have to pay more for FY 13-14.

    1. ashalanshu says:

      Dear Sushil, the interest earned by you on your MODs is taxable at your slab rate. Please add the interest in your income from all sources and pay tax for any shortfall accordingly.



  27. Sandesh says:

    Is there any way we can find out the interest paid to us by bank on Saving account and Fixed deposit and RD accounts . Basically I would like to see that how much interest I got on saving account and fixed deposit accounts and recurring deposit accounts.

    1. ashalanshu says:

      Dear Sandesh, you can get the info from your bank. Sb account interest xcan be calculated from passbook entry itself. In case of FD and RD, any amount in excess of basic principal is interest.



  28. mob87 says:

    Great article…
    Could u pls clarify on the ffollowing:
    1. what is the tax implication when youre money is going into FD via the Banks sweep in facility?
    2. Also doe the advance tax rule apply to this too or should it be paid after 31st March.If the advance tax rule applies,then if weve missed the september threshold does one need to pay penalty of 1% per month as done in case of Fd ?

    1. ashalanshu says:

      Dear Mob87, the answer lies in your own reply. The interest is earned from sweeping FDs and not from Sb account itself, hence this interest is not eligible under section 80TTA.

      Please read section 234 in detail to understand that your personal case is liable or not for advance tax payment. It’s always safer to pay your tax timely.



    2. Everything applies here, sweep in FD is created automatic , thats all is the difference !

  29. Vinod Sharma says:

    So you mean sir, 2 Lakh exemption will be allowed on FD interest. I mean to say If I am getting interest 250,000, So tax will be calculated on 50,000 only.

    Thank you..

    1. Yes, because 2.5 lacs is your income . I assume that this is your total income and nothing else. If you have any other income , then this will not be valid

  30. Vinod Sharma says:

    Hello sir,

    I want to know than If someone geeting Rs.450,000 Interest from FD 9% interest PNB for one year 50 lakh. How Income tax will be calculated? Do we get 2 lakh exemption as income tax slab start from more than 2 lakh 10%. I don’t have any other income source?
    Please reply sir.

    Vinod Sharma

    1. ashalanshu says:

      Dear Vinod, yes the tax ‘ll be calculated on 450000 Rs. the way, you have understood. Please do note that to bring down your income tax liability you can invest 1L Rs. into Tax saving options like PPF, Life insurance prem. school tuition fee of your kids, Bank Tax saver FDs, NSC, Tax saving MFs.



      1. Vinod Sharma says:

        Thanks Sir for your help. Sir If I open two PPF account, One for self and one on my wife name & I invest 2 lakh a year, So this would be come under tax rebate of 2 lakh, I mean tax will be calculated on Rs 45000?

        Thanks in advance.

        1. ashalanshu says:

          Dear Vinod, from PPF, the maximum you can claim is 1L Rs. under section 80C. So beyond that any excess investment from tax saving point is of no use. So yes tax ‘ll be calculated on 350000 Rs. now. As basic 2L Rs. is tax free, hence taxable amount is 150000 Rs. only (350000-200000). So net tax @ 10.3% for you ‘ll be 15450 Rs.



    2. Yes, in that case not tax upto 2 lacs and then after that there will be tax to be paid , its like any regular calculation , nothing special in this case !

  31. ashalanshu says:

    Dear Michael, in each of the joint accounts, the first holder’s name ‘ll be considered for interest as income. so Tax benefit and liability ‘ll be there based upon the first holder’s name in the said joint accounts.



    1. Michael says:

      Dear Ashal…..

      thanks alot for the clarification….


  32. Michael says:

    Very good article and thoroughly explianed… My compliments….
    A small query….
    I have one SB A/c jointly with my mother (senior ctizien, not assessed for tax and dependent on me). The bank credits interest half-yearly. This F.Y. 2013-14, the interest credited is 14,344. Now, should I declare entire 14,344 as my income and claim 10,000 (max.) as deduction u/s 80TTA or declare 7,172 as my income and claim 7,172 as deduction u/s 80 TTA. The other SB A/c is also jointly held by me and my wife (income tax assessee). The interest credited is 6,017. Can she declare the amount as inclome and claim 6,017 as deduction u/s 80TTA or she is entitled for claim and deducting only half of the amount i.e. 3,009.
    Kindly respond, thanx….

    1. Hi Mike

      Actually I am not clear on this, can you open this request on our forum –

  33. ashalanshu says:

    Dear Shree, what is the content of the notice? If possible to you, can you share it with me on my personal e-mail id.



  34. Shree says:

    I am paying regular my tax for last 10 Year,
    The amount which left with me I generally given to my wife ( housewife) in the form of FD.
    Those FD she has taken out in Jan 2010, It was around Rs 6 lac and the interest on it is around Rs 3500.
    Also In next finacial year April 2011 she has taken out the around Rs. 3 lac and the interest on it is around Rs 2000
    As the interest amount was less she has not file. Other than this there is no transition in her account.

    Today she received notice from Income tax dept. Tell me what shall I do ?

    1. how can interest on 6 lacs be 3500 only ? Can you explain ! .. also the income from FD is going to be your income , because the source of money was YOU .


  35. Vishal Bansal says:

    Ihave a question regarding TDS deduction for FD. Does the bank deduct the TDS for the interest earned.

    1. Yes, if the interest is above 10k !


  36. Chetan Ambi says:

    Informative article. Thank you !!

  37. ashalanshu says:

    Dear Pinkal, i checked the official Income Tax site. No where it’s written the said 3500 Rs. from PO saving bank account is tax free. Please do check the same and inform me.



  38. Pinkal Doshi says:

    from 80TTA Section. read it carefully. you will get this information.

  39. Pinkal Doshi says:

    Dear Manishbhai,

    Very nice article.

    I think post office Saving Bank Interest of Rs. 3500/- is also allowable to exempt in addition to Rs. 10000/-.

    1. ashalanshu says:

      Dear Pinkal, from where did you get thia info regarding PO SB interest being Tax free.



  40. astrosunil says:

    In example where you said to pay tax on remaining Rs 8,000, will the bank cut this amount automatically when crediting interest ? What if I keep amount in different SB account in different banks so that interest earned per account is less than 10K ?

    1. ashalanshu says:

      Dear Astrosunil, it’s your respinsibility to pay Tax. if you are splitting amount in different banks, it’s not going to serve the purpose as you are still earning the same interest and that 8000 rs. is still taxable. The 10000 Rs. is your over all limit not the bank specific or branch specific limit. 🙂



  41. ashalanshu says:

    Dear Vikash, OK. let me clarify it. @ 4% ROI in SB account, how much money you w’d have to park in a SB account to earn 40K interest? The answer is 1000000 Rs. Do you really want to park that much amount and want to earn just 40000 Rs. as interest to save Tax or w’d park at least 900000 Rs. in Fd to pay Tax @ 10% but still earning close to 63-64000 Rs. Post 10% Tax? You decide. 🙂



  42. vikash says:

    From ur article 3rd para.. last point…which says

    The filing of income tax return would not be mandatory if your Gross Total Income is below the applicable basic exemption limit even though interest on saving accounts exceeds Rs. 10,000/ . (For example , if your saving bank interest is Rs 40,000 , but overall income is still Rs 1,60,000/year, you dont have to file income tax return)

  43. S.Prakash says:

    Dear Manish,

    Thanks for very nice article. Please clarify, whether the bank will deduct tax at source(TDS) if the interest on S.B. accoount exceeds Rs. 10,000/- or we have to include it in our income and pay the tax.


    1. ashalanshu says:

      Dear S. Prakash, SB interest is not subject to TDS. hence it’s your responsibility to pay your due tax if any on Sb interest.



      1. S.Prakash says:

        Dear Ashal,

        Thanks for clarification.


  44. vikash says:

    Dear Manish nice article…I just went confused in understanding two things, ifelt there’s an ambiguity.
    At one place its written that if ur annual income is if less than 160000 and u r if earning 40000 interest in from ur account balance then there is no need to pay income tax on the interest earned….and in the last paragraph its advised to keep small amount in savings account and rest in fixed deposit. … please clear me….

    1. ashalanshu says:

      Dear Vikash, from where did you get the figure of 1.6L Rs?



  45. LAXMAN says:

    is this applicable for ITR-1 AND ITR-2

  46. Pankaj Batra says:

    I think, there is no as such relief from tracking small interest amount.

    Income from saving bank interest still needs to be declared under income from other sources and then only deduction is taken u/s 80TTA.

    1. Elbis says:

      Yep. I was about to comment the same thing. You still need to report it.

    2. Hi pankaj

      Thanks for sharing that. So even if one knows that interest income is way below 10k , still they need to find out where was the interest and then declare it 🙂

      1. chander says:

        There are many many small things (amounts) which definitely need to be declared by honest taxpayers. e.g. if you recd. a IT refund with some interest to account for the assessment delay, please make sure you include this interest-income in the next FY return.

  47. Dinesh says:

    Very informative article..
    again good going..

  48. vijay says:

    What would be tax implication on interest earnings for NRIs?

    1. Same ! , no difference for Residents and NRI !

  49. ajita says:

    A very good article.
    I have a question. Is this facility applicable to the interest earned from ‘auto-sweep’ activated savings bank a/c.

    1. That will be FD interest, because sweep in facility created FD !

  50. Srinivas says:

    It is true that one can avail oneself of this rebate. Hoever, it may be worthwhile going for bettr options like FD, Liquid funds etc, which give bettr returns.

    This provision can be extended further using 1500 per child rebate to Rs 13000.(Rs 10000 + 1500 + 1500, considering two minor children).

    1. Thanks for sharing that Srinivas !

    2. ashalanshu says:

      Dear Srinivas, make no mistake. if your idea is to park large amount in a minor account along with your own account to earn this tax free interest. the over all benefit is limited to just 10K Rs. It can not be 10K for your account & 10K for minor account. 🙂



      1. Srinivas says:

        I indicated 1500 for minor account and 10000 for my account. This seems to be OK. Please let me know if my understanding is incorrect.

        More importantly my point is ” However, it may be worthwhile going for better options like FD, Liquid funds etc, which give better returns.”

        1. ashalanshu says:

          Dear Srinivas, in that case, you are ok.



  51. chander says:

    Very informative article indeed.
    Most banks have “Sweep-in” “Max Gain” types of SB A/c. Excess above a customer-set threshold is moved “automatically” into a term deposit., earning higher interest than SB (an pay IT on that interest, of course). But this money is available as liquid as the SB a/c. Thus one can avail the exempted 10,000 int from the SB, as well as higher interest for the “SB-parked” money.

    1. thanks for sharing that .

    2. krunal says:

      is it true ? because sbi is taking that as fd and also deducted tax as on fd……

      1. Yes, its going to be FD only !

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