As per the budget proposal of 2018-19, for senior citizens there needs to be no TDS deducted on interest upto Rs. 50,000/- under section 194A. Earlier this limit was Rs. 10,000/-. This limit is applicable on deposits with banks, deposits with post office, fixed deposit schemes and recurring deposit schemes.
The rate of TDS applicable is 10% if PAN is furnished and 20% if no PAN is furnished.