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Interest on auto sweep account
I am having saving deposit account with auto sweep facility. can you clarify the interest earned on auto sweep deposit will be shown under savings interes earned or fd interest earned in IT return.
Replies (2)
Quick Summary
Auto sweep deposit is considered as Fixed/time deposit, So, interest earned on same is not considered as interest from saving account, but it's considered as FD interest.
Senior citizens can claim deduction u/s 80TTB for interest on FD.
Senior citizens can claim deduction u/s 80TTB for interest on FD.
Thank you very much
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