Section 80TTA of income tax act
Section 80TTA tax rebate is for interest earned in normal savings accounts only. The savings account can be with any commercial bank , public or private, cooperative banks or post offices. If the savings account is in the name of a firm or a group of people or a society then this tax rebate will not be applicable. Please note that tax rebate under this section is not applicable for fixed deposits of any term or recurring deposits.
Section 80TTA deductions can be claimed in chapter VI A deductions in addition to existing sections and has a separate limit of Rs 10, 000. This section is not clubbed with any other section under Chapter VI A