Interest of fixed deposit

Section 80TTB is a provision whereby a taxpayer who is a resident senior citizen, aged 60 years and above at any time during a Financial Year (FY), can claim maximum Rs.50,000/- as deduction against following Income:

• Interest on Bank Deposits (savings or fixed);
• Interest on Deposits held in a co-operative society engaged in the business of banking, including a co-operative land mortgage bank or a co-operative land development bank; or
• Interest on Post Office Deposit

With the introduction of Section 80TTB exclusively for senior citizens, deductions under Section 80TTA is not available to senior citizens