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Ans: Yes interest income is taxable

Ans: FIrstly, please ascertain whether the Old Tax Regime is beneficial to you or the New Tax Regime. If it is the new one, you do not have to bother about saving any income tax as there are hardly any deductions available in it but the tax rates are lower. If Old Tax Regime is beneficial to you, then the tax benefits are available to you only if there are special circumstances for you, eg, you take a home loan and loan interest saves a bit of tax under IT Section 24(b), education loan under Section 80E, disability of self and/or dependents under Sections 80DD, 80DDB, and/or 80U, etc.

Ans: 3 years is too small an investment period for a small cap fund. It should be for a minimum 5 years, preferably for 7 years+. If you can invest only for 3 years, I would recommend a good multi-asset or balanced advantage fund to you.