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What the extra senior citizen deposit rate is worth, with the ₹1 lakh TDS threshold and the section 80TTB interest deduction.
This calculator prices the extra interest rate banks give depositors aged 60 and above — usually 0.50 percentage points, with a further step for those aged 80 or more — by running the deposit at both the ordinary card rate and the senior rate with quarterly compounding, then reporting the rupee difference. It also applies the two tax rules that matter to senior depositors: the ₹1,00,000 section 194A TDS threshold and the ₹50,000 section 80TTB deduction on deposit interest, which is only available under the old regime.
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Compounds the deposit at the card rate and the senior rate so the premium is shown as money, not basis points.
Treats other deposit interest as consuming the ₹50,000 headroom first, rather than double-counting it.
Removes the 80TTB deduction when the new regime applies, while keeping the higher TDS threshold.
Most Indian banks add 0.50 percentage points to the card rate for resident depositors aged 60 and above, and some add a further 0.25 points from age 80. It is a commercial decision, not a statutory entitlement, and banks often exclude the premium on very long tenures or on bulk deposits.
₹1,00,000 of interest from one bank in a financial year, raised from ₹50,000 by the Finance Act 2025 with effect from 1 April 2025. Above that the bank deducts 10%, or 20% if PAN is not on record. A senior citizen with income below the taxable limit can file Form 15H for nil deduction.
Section 80TTB lets a resident individual aged 60 or above deduct up to ₹50,000 a year of interest from deposits with banks, co-operative banks and the post office — savings, fixed and recurring together. It replaces section 80TTA for seniors and is available only under the old tax regime, not under section 115BAC.
Yes, they are separate. The ₹1,00,000 threshold decides whether the bank withholds tax during the year; section 80TTB is a deduction claimed in the return that reduces taxable income by up to ₹50,000. A senior in the old regime benefits from both, though the deduction is shared across all deposit interest. Speak to a tax professional about your own return.
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