Bank interest eligibility
This query is : Resolved
08 July 2014
Do non personal customers are eligible to get savings bank account interest?
CA Yugal Purohit
(Expert)
08 July 2014
Individuals and HUFs who earn
interest on their deposit in a savings
account can claim tax exemption on
such interest. Savings account can be
with a bank, post office or co-
operative society doing banking
business. This deduction is not valid
for time deposits like FD and RD.
If the savings account is held on
behalf of a firm, association of persons
or body of individuals this deduction is
not applicable.
interest on their deposit in a savings
account can claim tax exemption on
such interest. Savings account can be
with a bank, post office or co-
operative society doing banking
business. This deduction is not valid
for time deposits like FD and RD.
If the savings account is held on
behalf of a firm, association of persons
or body of individuals this deduction is
not applicable.
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