My mother is a senior citizen. She has some fixed deposits with a bank and had earned interest of ₹3.30 lakh, which crossed the income tax exemption limit of ₹3 lakh. So she deposited Rs.45,000 in the Senior Citizen Saving Scheme (SCSS) to avail of benefits under Section 80C. She had furnished a 15G form …
It is particularly beneficial for those senior citizens who require a consistent income source since the loan amount is not required to be repaid until the borrower either sells their home or moves out. What is a reverse mortgage? A reverse mortgage is a loan available to homeowners aged 62 or older, allowing them to …
Most conservative investors still opt for safe havens to earn fixed returns on their investment. Among all the options, the safest and most reliable option is fixed deposits (FDs). Those who want to earn marginally higher interest rates on their FDs, at times, lock them in the name of their old parents since banks offer …
Kotak Mahindra Bank has joined forces with GetSetUp, a peer-to-peer platform, to provide a diverse range of health and wellness opportunities for senior citizens through the Kotak Grand Savings Programme. Through this collaboration, seniors gain exclusive entry to numerous classes, events, and experiences covering areas such as health, nutrition, wellness, and more. By participating, they …
Every year by November 30, Central and state government pensioners must submit their life certificates or Jeewan praman patra in order to continue receiving pensions. With the advent of technology, the process of submitting a life certificate has become hassle-free. Pensioners can visit a bank branch, submit it online, or opt for a doorstep banking …
The government of India has launched many special pension schemes for senior citizens to provide financial stability and security to them post-retirement. On, World Senior Citizens Day today (August 21), let’s take a look at some of the pension schemes for the elderly people. Atal Pension Yojana (APY) APY is a government-sponsored scheme that was …
Fixed deposits (FD) are often preferred investment options for senior citizens because they provide a higher interest rate and tax benefits. All the top lenders including the State Bank of India (SBI), ICICI Bank, HDFC Bank, and others give 50 basis points of interest to senior citizens over and above the general customers. Like, top …
Published By: Nibandh Vinod Last Updated: August 20, 2023, 07:20 IST World Senior Citizen Day is a day of appreciation, reflection, and action. (Image: Shutterstock) World Senior Citizen Day 2023: In India, a senior citizen means any person who has attained the age of sixty years or above. In a more general sense, senior citizens …
I am a senior citizen. My gross income is ₹5,15,000 comprising ₹3,70,000 interest income, ₹1,20,000 long-term gain from equity mutual funds, and ₹25,000 short-term gain from equity mutual funds. I also have made short-term losses from debt-oriented mutual funds to the extent of ₹42,000. Thus my total net capital gain is ₹1,03,000 i.e. (120000+25,000- 42000). Am …
Senior Citizens FD rate hike: Suryoday Small Finance Bank (SSFB) has revised interest rates on fixed deposits. Senior citizens can now get up to a 9.10% interest rate on deposits of above 2 years to 3 years with SSFB. The bank is now accepting deposits of less than ₹2 crore maturing in 7 days to …