🇮🇳 Senior Citizen Financial Tool 2024
Senior Citizen FD
Tax Calculator
Calculate Fixed Deposit returns, TDS, Section 80TTB deduction, and net FD income for senior citizens.
🏦 Senior Citizen FD Tax Calculator
₹
FD Maturity Value
₹0
Total Interest
₹0
80TTB Deduction
₹50,000
TDS Deducted
₹0
Final Tax Payable
₹0
Net FD Income
₹0
| Item | Amount |
|---|
Senior Citizen FD Tax Benefits
Senior citizens (aged 60+) enjoy significant tax advantages on Fixed Deposit interest income. Section 80TTB allows a deduction of up to ₹50,000 on interest from savings accounts, FDs, and recurring deposits — exclusively for senior citizens. This is double the ₹10,000 available to regular taxpayers under Section 80TTA.
TDS on Senior Citizen FD
| Category | TDS Threshold | TDS Rate |
|---|---|---|
| Senior Citizen (FD Interest) | ₹50,000 per year per bank | 10% (if PAN provided) |
| Regular Taxpayer (FD Interest) | ₹40,000 per year per bank | 10% (if PAN provided) |
| Without PAN Card | Any amount | 20% |
| Form 15H submitted | Senior citizen, nil tax liability | No TDS deducted |
Best FD Rates for Senior Citizens (Indicative 2024)
| Bank / Institution | 1-yr Rate | Senior Citizen Extra |
|---|---|---|
| SBI | 6.80% | +0.50% = 7.30% |
| HDFC Bank | 7.00% | +0.50% = 7.50% |
| ICICI Bank | 6.90% | +0.50% = 7.40% |
| Post Office SCSS | 8.20% | Special SC scheme |
| Small Finance Banks | Up to 9.00% | +0.25–0.50% |
💡 File Form 15H: If your total income is below the taxable limit, file Form 15H with your bank to prevent TDS from being deducted on FD interest. You can reclaim TDS via ITR but 15H avoids the hassle.
Search Keywords
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