Section 80TTA allows individuals below 60 years of age to claim a deduction of up to ₹10,000 per year on interest earned from a savings bank account, reducing their taxable income by that amount. Section 80TTB is a similar but more generous provision specifically for senior citizens (60 years and above), allowing a deduction of up to ₹50,000, covering interest from savings accounts as well as FDs and RDs.
Both these deductions are available only under the Old Tax Regime, and only apply to the specified type of interest income — any interest earned beyond these limits is added to your regular taxable income. Senior citizens in particular benefit meaningfully from 80TTB, since it covers deposit interest too, which is often a significant source of income during retirement.
It's worth noting these deductions apply only to interest income specifically — they don't cover other types of income like dividends or capital gains from investments.