Interest deduction for senior citizens limits taxable interest on specified deposits, subject to an overall statutory cap. Deduction for interest on deposits available to senior citizens applies to interest from deposits with specified banks, cooperative banks carrying on banking business, and post offices; the entire amount is deductible up to a threshold, otherwise a fixed maximum deduction applies; interest from deposits held by or on behalf of a firm, association of persons or body of individuals is excluded for partners, members or individuals; 'senior citizen' means a resident individual aged sixty years or more during the relevant previous year.