{"id":1576,"date":"2025-02-21T11:51:45","date_gmt":"2025-02-21T06:21:45","guid":{"rendered":"https:\/\/www.caclubindia.com\/guide\/?p=1576"},"modified":"2025-06-26T15:55:49","modified_gmt":"2025-06-26T10:25:49","slug":"tax-exemption-on-bank-interest","status":"publish","type":"post","link":"https:\/\/www.caclubindia.com\/guide\/tax-exemption-on-bank-interest\/","title":{"rendered":"Tax Exemption on Bank Interest: No Tax up to \u20b950 Lakh FD"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"538\" src=\"https:\/\/www.caclubindia.com\/guide\/wp-content\/uploads\/2025\/02\/Tax-Exemption-on-Bank-Interest-1024x538.png\" alt=\"\" class=\"wp-image-1577\" srcset=\"https:\/\/www.caclubindia.com\/guide\/wp-content\/uploads\/2025\/02\/Tax-Exemption-on-Bank-Interest-1024x538.png 1024w, https:\/\/www.caclubindia.com\/guide\/wp-content\/uploads\/2025\/02\/Tax-Exemption-on-Bank-Interest-300x158.png 300w, https:\/\/www.caclubindia.com\/guide\/wp-content\/uploads\/2025\/02\/Tax-Exemption-on-Bank-Interest-768x403.png 768w, https:\/\/www.caclubindia.com\/guide\/wp-content\/uploads\/2025\/02\/Tax-Exemption-on-Bank-Interest.png 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\r\n<div class=\"ez-toc-title-container\">\r\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\r\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\r\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.caclubindia.com\/guide\/tax-exemption-on-bank-interest\/#Key_Takeaways\" >Key Takeaways<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.caclubindia.com\/guide\/tax-exemption-on-bank-interest\/#Tax_Benefit_on_Bank_Interest\" >Tax Benefit on Bank Interest<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.caclubindia.com\/guide\/tax-exemption-on-bank-interest\/#TDS_on_Fixed_Deposits\" >TDS on Fixed Deposits<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.caclubindia.com\/guide\/tax-exemption-on-bank-interest\/#No_ITR_No_Tax_on_FD_Interest\" >No ITR, No Tax on FD Interest<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.caclubindia.com\/guide\/tax-exemption-on-bank-interest\/#Example\" >Example<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.caclubindia.com\/guide\/tax-exemption-on-bank-interest\/#Strategies_for_Fixed_Deposit_Reporting_in_Income_Tax\" >Strategies for Fixed Deposit Reporting in Income Tax<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.caclubindia.com\/guide\/tax-exemption-on-bank-interest\/#Reporting_FD_more_than_%E2%82%B910_Lakh\" >Reporting FD more than \u20b910 Lakh<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.caclubindia.com\/guide\/tax-exemption-on-bank-interest\/#Splitting_FD_Across_Multiple_Banks\" >Splitting FD Across Multiple Banks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.caclubindia.com\/guide\/tax-exemption-on-bank-interest\/#Deposit_Insurance_Coverage\" >Deposit Insurance Coverage<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Takeaways\"><\/span>Key Takeaways<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Tax-free if income from bank interest is up to \u20b94,00,000.<\/li>\n\n\n\n<li>No need to file an ITR if annual income is within the exemption limit.<\/li>\n\n\n\n<li>To ensure no TDS deduction, submission of Form 15H and Form 15G is required.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tax_Benefit_on_Bank_Interest\"><\/span>Tax Benefit on Bank Interest<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>As per budget 2025, a person who deposited up to \u20b950,00,000 in Fixed Deposits (FD), Recurring Deposits (RD), or other bank deposits will not be required to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Face any TDS deductions<\/li>\n\n\n\n<li>File an Income Tax Return, or<\/li>\n\n\n\n<li>Pay tax on interest income<\/li>\n<\/ul>\n\n\n\n<p><strong>Note: <\/strong>This is applicable when there is no other sources of income and it has not crossed the basic exemption limit.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"TDS_on_Fixed_Deposits\"><\/span>TDS on Fixed Deposits<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Banks are liable to deduct <strong><a href=\"https:\/\/www.caclubindia.com\/guide\/tds-rates\/\">TDS<\/a><\/strong> @ 10% before the payment of interest on FD. If the amount is below threshold limits then no TDS is deducted.<\/li>\n<\/ul>\n\n\n\n<ol class=\"wp-block-list\">\n<li>For Senior Citizen &#8211; 1,00,000\/-<\/li>\n\n\n\n<li>For Individuals below 60 years age &#8211; 50,000\/-<\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li>To avoid <strong><a href=\"https:\/\/www.caclubindia.com\/guide\/section-194a\/\">TDS u\/s 194A<\/a><\/strong>, senior citizens can submit <strong><a href=\"https:\/\/www.caclubindia.com\/articles\/form-15g-and-form-15h-save-tds-on-interest-income-49598.asp\">Form 15H<\/a><\/strong> and others can submit <strong><a href=\"https:\/\/www.caclubindia.com\/articles\/form-15g-and-form-15h-save-tds-on-interest-income-49598.asp\">Form 15G<\/a><\/strong> and before April 1st each year to ensure no TDS is deducted.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Total income (including interest) must be below \u20b94,00,000.<\/li>\n<\/ul>\n\n\n\n<p>This new tax benefit provides significant relief for individuals relying on FD\/RD interest for income.<\/p>\n\n\n\n<p><strong><a href=\"https:\/\/www.caclubindia.com\/guide\/form-15h\/\">Click here<\/a> &#8211; Form 15H for Senior Citizens: Save TDS on FD Interest Up to \u20b912L<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"No_ITR_No_Tax_on_FD_Interest\"><\/span>No ITR, No Tax on FD Interest<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>If the total income does not exceed the basic exemption limit, then filling of ITR will be not required.<br>As per Budget 2025, <strong><a href=\"https:\/\/www.caclubindia.com\/guide\/new-income-tax-slab\/\">income tax slab under new tax regime<\/a><\/strong> for the FY 2025-26:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Income Tax Slab<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Income Tax Rate<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">0-4 lakh<\/td><td class=\"has-text-align-center\" data-align=\"center\">Nil<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">4-8 lakh<\/td><td class=\"has-text-align-center\" data-align=\"center\">5%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">8-12 lakh<\/td><td class=\"has-text-align-center\" data-align=\"center\">10%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">12-16 lakh<\/td><td class=\"has-text-align-center\" data-align=\"center\">15%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">16-20 lakh<\/td><td class=\"has-text-align-center\" data-align=\"center\">20%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">20- 24 lakh<\/td><td class=\"has-text-align-center\" data-align=\"center\">25%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Above 24 lakh<\/td><td class=\"has-text-align-center\" data-align=\"center\">30%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Example\"><\/span>Example<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Suppose a senior citizen deposits in Bank:<br><strong>Fixed Deposit :<\/strong> \u20b950,00,000<br><strong>Interest Rate: <\/strong>7.75% per annum in SBI<\/p>\n\n\n\n<p>Here,<\/p>\n\n\n\n<p>Annual Interest Earned: <strong>\u20b93,87,500<\/strong><\/p>\n\n\n\n<p>Since the annual interest income is <strong>\u20b93,87,500<\/strong> which is below the <strong>\u20b94,00,000<\/strong> exemption limit, no tax is payable or filing ITR is not required.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong><span style=\"text-decoration: underline;\">Note:<\/span><\/strong><br><em><strong>Some banks also offer higher interest rates on deposits.<br>If the interest earned exceeds the basic exemption limit for senior citizens, the excess amount becomes taxable as per the applicable slab rates.<\/strong><\/em><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Strategies_for_Fixed_Deposit_Reporting_in_Income_Tax\"><\/span>Strategies for Fixed Deposit Reporting in Income Tax<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>As per SFT reporting provision of Income Tax. It is recommended to deposit up to Rs. 10 lakh in a Financial Year in a bank.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Reporting_FD_more_than_%E2%82%B910_Lakh\"><\/span>Reporting FD more than \u20b910 Lakh<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Banks were required to report FD transactions to the IT Department when it exceeds \u20b910 lakh in a financial year.<\/li>\n\n\n\n<li>This information reflects in the Annual Information Statement (AIS) of the taxpayer.<\/li>\n\n\n\n<li>The taxpayer must disclose the source of income in the Income Tax Return (ITR).<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Splitting_FD_Across_Multiple_Banks\"><\/span>Splitting FD Across Multiple Banks<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>If you want to deposit \u20b910 lakh, you can split it into two banks, \u20b95 lakh each.<\/li>\n\n\n\n<li>This way, no single bank reports the transaction to the IT Department.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Deposit_Insurance_Coverage\"><\/span>Deposit Insurance Coverage<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Deposit Insurance and Credit Guarantee Corporation (DICGC) provides insurance cover of \u20b95 lakh per bank.<\/li>\n\n\n\n<li>If you deposit up to \u20b95 lakh in multiple banks, your money remains secured in case of bank failure.<\/li>\n<\/ul>\n\n\n\n<p>To avoid unnecessary tax scrutiny, ensure that large FD deposits are reported correctly in your ITR with a valid income source.<\/p>\n\n\n\n<p>Always plan your investments wisely to maintain compliance and financial safety.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Tax Benefit on Bank Interest As per budget 2025, a person who deposited up to \u20b950,00,000 in Fixed [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1577,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center 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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1576","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-income-tax"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\r\n<title>Tax Exemption on Bank Interest: No Tax up to \u20b950 Lakh FD - Tax Guide<\/title>\r\n<meta name=\"description\" content=\"Tax exemption on bank interest on deposit up to Rs.50 Lakh can be availed by senior citizens from FY 2025-26 with certain conditions.\" \/>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.caclubindia.com\/guide\/tax-exemption-on-bank-interest\/\" 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