Banks add +0.5% over the regular FD rate for depositors aged 60+ (some add +0.75% for super-seniors 80+). Section 80TTB also makes the first ₹50,000 of deposit interest tax-free.
Maturity value
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Effective rate
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Total interest
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Avg interest / year
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80TTB exempt (per year)
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Tax on excess (lifetime)
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Net post-tax maturity
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Notes
Senior FD rate bonus is bank-specific (typically +0.50%; SBI & HDFC have +0.50%, some PSBs +0.75% for super-seniors).
Section 80TTB applies to all deposit interest (savings + FD + RD + Post Office) — the ₹50,000 cap is annual and total.
80TTB is available only in the old tax regime.
If interest crosses ₹50,000 in a year, bank deducts TDS at 10% unless Form 15H is submitted.