Is Saving Account interest Taxable?

Yes, with 10k exempt under 80TTA

If you opt old regime, Rs.10000 is exempt under 80TTA and Rs.55000 will be added to your income as income from other sources. If you opt new regime, Rs.65000 is added to your income and fully taxable as there is no deduction available. 

As others mentioned, old regime has 10K exemption but in a financial year.

Mind letting us know for having huge amount in savings account if comfortable?

Just a suggestion - I don’t know the situation but maybe put in tax saving fd for atleast 3 years or if you have a home loan in over draft option which might be better.

I have one query :

If an Individual Age 38 Years

Total annual salaried non taxable Income is 4 Lac

Total Interest income From Term FD is 39999/- annual from All banks

Then in which column of ITR1, that particular Income from FD Interest 39999/- needs to be declared ?

Is that 80TTA column or need to add in Income from Salary head coloum or Income from others/ Source column or somewhere else ?