Yes, they will normally take it during the interview.
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As others have said, CIS will take the original I-94 at the interview. Why? DHS wants originals of this government document returned to them because presumably you don't need it any more (hope you have a copy) and by taking an original I-94 out of circulation it helps minimize fraudulent use if it falls into the wrong hands. That is also why they take your plastic alien resident card from an applicant for naturalization