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How Much Interest from Fixed Deposits is Exempt from Tax?

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Published date: 2024/07/15
  • Location: India
How Much Interest from Fixed Deposits is Exempt from Tax?
How Much Interest from Fixed Deposits is Exempt from Tax?


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Saving tax on fixed deposits (FDs) involves strategic planning. First, consider splitting your FD investments among different banks to keep the interest earned below the taxable limit of ₹10,000 under Section 80TTA. For senior citizens, use the higher exemption limit of ₹50,000 under Section 80TTB. Additionally, opt for a five-year tax-saving FD, which qualifies for a deduction of up to ₹1.5 lakh under Section 80C. Another effective strategy is to submit Form 15G or 15H (for senior citizens) to your bank if your total income is below the taxable limit, ensuring no TDS is deducted on your FD interest.

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