Yes, if you paid someone $10 or more in reportable interest during the year. That's the standard trigger for Form 1099-INT, though it's not the only one: $600 or more in trade-or-business interest, any backup withholding, or any foreign tax withheld on the interest can require the form even when the $10 threshold isn't met.

What does the $10 threshold cover?

Interest reportable in boxes 1, 3, or 8 of Form 1099-INT paid to one recipient that totals $10 or more in the calendar year. That includes interest on bank accounts, U.S. savings bonds and Treasury obligations, and tax-exempt interest. It's a per-recipient total, so several smaller interest payments to the same person over the year still add up toward the $10.

Is the threshold different for trade-or-business interest?

Yes: $600, not $10. Interest paid in the course of your trade or business that doesn't fit the bank and investment categories above, delayed death benefits paid by a life insurance company, interest received with damages, interest on a state or federal income tax refund, or interest on certain notional principal contracts, gets its own $600 threshold instead of the $10 one.

Do I still have to file below $10 or $600 in some cases?

Yes, two of them. If you withheld and paid foreign tax on the interest, or if you withheld federal income tax under the backup withholding rules, you must file Form 1099-INT for that recipient regardless of the dollar amount involved. Either withholding event overrides the dollar thresholds entirely.

Who's exempt from receiving a 1099-INT?

A defined list of payees, even above the thresholds: corporations, tax-exempt organizations, IRAs and similar retirement accounts, HSAs and MSAs, government agencies, registered securities or commodities dealers, brokers, and nominees or custodians. Interest on an obligation issued by an individual, certain portfolio interest, and interest paid outside the U.S. by a non-U.S. payer to a non-U.S. recipient are also excluded from reporting.

When are the forms actually due?

Furnish the recipient's copy by January 31. File the copy with the IRS by February 28 if you're filing on paper, or March 31 if you're filing electronically. Form 1099-INT isn't one of the forms that gets the later February 15 recipient exception; that later date applies only to Forms 1099-B, 1099-DA, 1099-S, and 1099-MISC boxes 8 and 10, not to 1099-INT. As with the other 1099 series, any date that lands on a Saturday, Sunday, or legal holiday moves to the next business day.

Where this actually shows up at intake

The part that trips up a bank, fund, or firm handling many accounts isn't the $10 test itself, it's the accounts that sit under $10 in interest but carry a backup-withholding flag from a missing W-9, or a business-interest payment that belongs on the $600 track instead of the $10 one. Those get pulled into 1099-INT on a different rule than the interest total staff are used to scanning for. Tracking withholding events and trade-or-business interest as their own trigger, separate from the interest total, is what keeps an account from being missed. For the reporting-threshold question one level up, how these per-box rules compare across the whole 1099 family, see what is the 1099 reporting threshold.