Tax benefits on Savings Account interest you might be missing

A Savings Account is one of the most commonly used banking products for managing everyday finances. While many people compare banks based on the Savings Account interest rate, they often overlook an important tax benefit available on the interest earned.

Although interest earned on a Savings Account is taxable, eligible taxpayers can reduce their tax liability by claiming deductions under Section 80TTA or Section 80TTB of the Income-tax Act, 1961. Understanding how these provisions work can...