{"id":2747,"date":"2025-09-08T10:59:22","date_gmt":"2025-09-08T05:29:22","guid":{"rendered":"https:\/\/www.caclubindia.com\/guide\/?p=2747"},"modified":"2025-09-08T10:59:27","modified_gmt":"2025-09-08T05:29:27","slug":"interest-on-fixed-deposit-taxable","status":"publish","type":"post","link":"https:\/\/www.caclubindia.com\/guide\/interest-on-fixed-deposit-taxable\/","title":{"rendered":"Interest On Fixed Deposit Taxable: Old Vs New Tax Regime?"},"content":{"rendered":"\n<p>While fixed deposit seems to be one of the safest and preferred avenues for risk-averse investors. While it is considered safe, its tax implications often seem to be confusing. Read on to understand the various financial and tax aspects of time deposits.<\/p>\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\/interest-on-fixed-deposit-taxable\/#Financial_aspects_of_FD_RD\" >Financial aspects of FD\/ RD<\/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\/interest-on-fixed-deposit-taxable\/#Interest_on_FD_%E2%80%93_Reporting_Compliance\" >Interest on FD \u2013 Reporting &amp; Compliance<\/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\/interest-on-fixed-deposit-taxable\/#When_is_Interest_on_fixed_deposit_Not_taxable\" >When is Interest on fixed deposit Not taxable?<\/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\/interest-on-fixed-deposit-taxable\/#Taxability_of_the_interest_under_Old_vs_New_regime\" >Taxability of the interest under Old vs New regime<\/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\/interest-on-fixed-deposit-taxable\/#Illustrations\" >Illustrations<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.caclubindia.com\/guide\/interest-on-fixed-deposit-taxable\/#Case_A_%E2%80%93_Mr_X_Non-senior_citizen\" >Case A &#8211; Mr. X (Non-senior citizen)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.caclubindia.com\/guide\/interest-on-fixed-deposit-taxable\/#Case_B_%E2%80%93_Mr_Y_senior_citizen\" >Case B &#8211; Mr. Y (senior citizen)<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.caclubindia.com\/guide\/interest-on-fixed-deposit-taxable\/#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-9\" href=\"https:\/\/www.caclubindia.com\/guide\/interest-on-fixed-deposit-taxable\/#FAQs\" >FAQs<\/a><\/li><\/ul><\/nav><\/div>\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Financial_aspects_of_FD_RD\"><\/span>Financial aspects of FD\/ RD<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Initial deposit &#8211;<\/strong> The amount of money invested in the start.<\/li>\n\n\n\n<li><strong>Interest accrued\/ received <\/strong>&#8211; Could be computed at a chosen frequency, be it monthly, quarterly or annually.<\/li>\n\n\n\n<li><strong>Maturity proceeds <\/strong>&#8211; Receipt of amount at the time of maturity. This could be standalone principal or principal along with interest.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Interest_on_FD_%E2%80%93_Reporting_Compliance\"><\/span>Interest on FD \u2013 Reporting &amp; Compliance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The interest can be tracked through bank FD statements (e-statements and physical statements). Additionally, this is available for tax payers to view on the AIS (or Annual information statement) and Form 26AS.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>As per Rule 114E of the Income-tax Rules, 1962, banks and financial institutions are required to report details of time deposits annually (Form SFT-016) by 31st May following each financial year.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>If interest income exceeds \u20b95,000 per annum for the holder of the deposit (approximately on a principal of \u20b970,000 at 7% p.a.), it must be reported by the bank.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Form 26AS is a consolidation of all income and TDS credit available to the taxpayer.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Interest income is taxable under the head\u2013 \u201cIncome from other sources\u201d.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"When_is_Interest_on_fixed_deposit_Not_taxable\"><\/span>When is Interest on fixed deposit Not taxable?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>As per Section 194A, <a href=\"https:\/\/www.caclubindia.com\/guide\/tds-rates\/\">TDS<\/a> is deducted on the interest on bank deposits at<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>rate of 10%<\/li>\n\n\n\n<li>rate of 20% (non-availability of PAN)<\/li>\n<\/ul>\n\n\n\n<p>only if interest exceeds Rs. 50,000\/- for individuals and Rs 1,00,000\/- for senior citizens (FY 25-26).<\/p>\n\n\n\n<p>In case, the taxpayer has an interest of less than Rs.40,000\/- for individual and Rs 50,000\/- for senior citizen and wants to avoid deduction of tax, they must furnish Form 15G\/H.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Taxability_of_the_interest_under_Old_vs_New_regime\"><\/span>Taxability of the interest under Old vs New regime<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Particulars<\/strong><\/td><td><strong>Old Regime<\/strong><\/td><td><strong>New Regime<\/strong><\/td><\/tr><tr><td>Initial deposit of money<\/td><td>Deduction u\/s 80C only for tax saver FDs (5-year lock-in).Total limit for Section 80C- Rs 1,50,000\/-. Available only for individuals.<\/td><td>80C is not available, hence, no deduction.<\/td><\/tr><tr><td>Interest (accrued\/ received in whatever frequency)<\/td><td>Deduction us\/ 80TTB only applicable for senior citizens. Can be claimed upto Rs 50,000\/- (increased to Rs 1,00,000\/- for FY 2025-26)<\/td><td>80TTB is not available, hence, no deduction.<\/td><\/tr><tr><td>Redemption of FD<\/td><td>No tax on principal<\/td><td>No tax on principal<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Illustrations\"><\/span>Illustrations<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Case_A_%E2%80%93_Mr_X_Non-senior_citizen\"><\/span>Case A &#8211; Mr. X (Non-senior citizen)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>earns Rs 60,000 as interest on Fixed deposit,<\/li>\n\n\n\n<li>reflected in AIS and TDS of Rs.6,000 (10%) appears in Form 26AS.<\/li>\n\n\n\n<li>no deduction allowed (old or new regime) as he is a non-senior citizen<\/li>\n\n\n\n<li>if his income is below the basic exemption limit, or qualifies for Section87A relief, tax impact can be reduced.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Case_B_%E2%80%93_Mr_Y_senior_citizen\"><\/span>Case B &#8211; Mr. Y (senior citizen)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>earns Rs 40,000 as interest on Fixed deposit<\/li>\n\n\n\n<li>reflected in the AIS and no deduction of <strong><a href=\"https:\/\/www.caclubindia.com\/guide\/tds-rates\/\">TDS<\/a><\/strong> as within the limit of Section 194A<\/li>\n\n\n\n<li>deduction allowed u\/s 80TTB with a limit of Rs. 50,000\/- only for old regime<\/li>\n\n\n\n<li>for new regime &#8211; if his income is below the basic exemption limit, or qualifies for Section 87A relief, tax impact can be reduced<\/li>\n<\/ul>\n\n\n\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>Under the old regime, senior citizens enjoy better tax benefits on FD interest due to Section 80TTB<\/li>\n\n\n\n<li>New regime offers no deduction or exemptions on interest on FD<\/li>\n\n\n\n<li><strong><a href=\"https:\/\/www.caclubindia.com\/guide\/tds-rates\/\">TDS<\/a><\/strong> is deducted u\/s 194A at 10% in case interest exceeds Rs.50,000\/- and Rs.1,00,000\/-<\/li>\n\n\n\n<li>Interest on FD gets captured in Form 26AS and AIS<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FAQs\"><\/span>FAQs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1757308532944\"><strong class=\"schema-faq-question\">Can TDS on FD interest be avoided?<\/strong> <p class=\"schema-faq-answer\">Yes, by submitting Form 15G or 15H if income is below the taxable limit.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1757308545127\"><strong class=\"schema-faq-question\">Is FD interest income taxable?<\/strong> <p class=\"schema-faq-answer\">Yes, interest from fixed and recurring deposits is taxable as per income tax slabs.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1757308556608\"><strong class=\"schema-faq-question\">When is TDS deducted on FD interest?<\/strong> <p class=\"schema-faq-answer\">TDS is deducted annually when interest is credited, not at maturity.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1757308571045\"><strong class=\"schema-faq-question\">Can a refund be claimed for excess TDS?<\/strong> <p class=\"schema-faq-answer\">Yes, refund can be claimed while filing your income tax return.<\/p> <\/div> <\/div>\n","protected":false},"excerpt":{"rendered":"<p>While fixed deposit seems to be one of the safest and preferred avenues for risk-averse investors. While it is considered [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":2749,"comment_status":"closed","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-2747","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>Interest On Fixed Deposit Taxable: Old Vs New Tax Regime? - Tax Guide<\/title>\r\n<meta name=\"description\" content=\"Learn about taxability on FD interest - see updated on TDS exemption limits and rules under old and new regime FY 2025-26\" \/>\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\/interest-on-fixed-deposit-taxable\/\" \/>\r\n<meta 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