Income tax on saving bank account interest earned?

Hi Friends,

I have the following questions and would like to have the answers from all the experts:

1. Is it really important to disclose the saving account interest while filing ITR1 (considering I am a salaried person). What if I do not (negative consequences)? 

2. In case it exceeds 10,000 , do I need to update "Schedule TDS 2" section? My bank did not deducted any amount on the interest and I dont see any such deduction/entry in Form-26AS.

Thanks,

Dilip