as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
system
do i need to pay tax on the amount of savings i have in the bank?
user
not for the amount in the accounts but for the interest you earn per year is taxable. but the sum of your all taxable incomes is under the limit, then you dont need to pay any income tax. the limit is available at wiki here but you should intimate your bank not to deduct tds (tax deducted at source) by submitting form 15g/15h (which will be normally available in bank itself), provided your total interest income for the year will not fall within overall taxable limits. you may calculate your income tax amount at official website at here
assistant