What is section 80TTB

Section 80TTB is a provision of the Income Tax Act that provides tax exemption on interest income to senior citizens (aged 60 years or above). If you have a savings account, fixed or recurring deposit in a bank, post office or cooperative institution, then up to Rs 50,000 can be claimed as deduction on the interest earned on it, but this benefit is available only in the old tax system.

If you choose the new tax system, then the exemption under this section will not be available. Therefore, it is important to choose the right tax system while filing returns, especially if your income is related to interest.

Experts’ advice Tax experts say that senior citizens should remain in the old tax system so that they can avail the benefits of 80TTB. These exemptions are not available if you choose the new tax system. No relief in the new tax system If you choose the new tax system, then you will not get the exemption of 80TTA and 80TTB. Therefore, before filing the return, you should think about which tax system is good for you.

In how many days does the refund come

If you file your income tax return correctly and on time, and also e-verify it, then usually you get your refund within 5 to 10 days. Some people even get their refund in a single day! But if there is any mistake in the return, or documents have to be verified, then it can take 4 to 5 weeks for the refund to arrive. That is why filing quickly and correctly is of utmost importance.

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After retirement, when there is no regular source of income, the lifelong savings are the biggest support. Every elderly person wants that his hard-earned money should be safe and he should get enough returns on it so that he can spend his old age comfortably. If you are also looking for such an investment option with safe and guaranteed returns, then a scheme of the post office can prove to be a ‘superhit’ for you.

The name of this scheme is Senior Citizen Savings Scheme (SCSS). It is specially designed for the elderly, in which not only you get more interest than bank FD, but your money is also 100% safe. See how senior citizens can earn a huge amount of ₹ 12,30,000 from this scheme in 5 years only from interest.

What is Senior Citizen Savings Scheme (SCSS)?

SCSS is a small savings scheme backed by the Government of India, specially designed for citizens above the age of 60 years. This is a deposit scheme in which you deposit a lump sum amount for 5 years and the government gives you guaranteed interest on it every three months.

• Interest Rate: Currently, it is offering a fantastic interest rate of 8.2% per annum.
• Minimum investment: You can start with just ₹1,000.
• Maximum Investment: Up to ₹30,00,000 can be invested.

How to get bumper interest of ₹ 12.30 lakh? Understand the calculation

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Public Sector Banks

If you want to make a fixed deposit in a government bank, then there too good interest rates are available for senior citizens. These banks are considered reliable in terms of stability and security, although their interest rates are slightly lower than private or small finance banks.

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Who will get Ayushman Vay Vandana Card

The government has decided that all citizens aged 70 years and above, irrespective of their financial status, can avail the benefits of this scheme. This scheme is extremely beneficial for the poor, helpless and elderly people who do not have a permanent source of income.

Why is this card important?

In view of the ever increasing cost of health insurance in India, the government has launched this card so that the elderly do not have to bear the burden of medicines, hospitalization, operation or treatment. Through the card, they will be provided the facility of cashless treatment in government and listed private hospitals.

How to get the card? Know the application process

Senior citizens can obtain this card through the Ayushman Bharat app themselves or with the help of an operator.

Step-by-step process

• Download Ayushman App.
• Login as beneficiary or operator.
• Enter mobile number and captcha.
• Complete the login process via OTP.
• Allow the app to access location.
• Enter the state and Aadhaar number of the beneficiary.
• Go through OTP process for eKYC.
• Fill in the required declarations and information.
• Verify with mobile number and OTP.
• Fill in the pin code and family details.
• Submit the form.
• You will be able to download the card as soon as e-KYC is successful.

Why Aadhaar-based eKYC is necessary

To get Ayushman Vaya Vandana Card, eKYC linked to Aadhaar is mandatory. This ensures instant verification of the identity and eligibility of the person and maintains transparency in the process.

Why is this plan special?

• Every citizen above 70 years of age will get free treatment up to Rs 5 lakh without any condition.
• Easy to apply through online process.
• There is no need to pay cash for treatment.
• Treatment is possible in both government and private hospitals.

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Apart from this, the bank has also reduced the interest on its 444 days special FD Amrit Vrishti by 0.25 percent. This interest is on FDs of less than Rs 3 crore. SBI Bank’s new rates have come into effect from June 15. After RBI reduced the repo rate again, most banks are reducing the interest on FDs.

SBI also reduced interest on special FD

SBI Bank has also reduced the interest on its special FD Amrit Vrishti. Amrit Vrishti FD scheme is a special FD of 444 days in which more interest was being given than normal FD. The bank has also reduced the interest on this from 6.85 percent to 6.60 percent. Senior citizens will get 0.50 percent extra interest. Senior citizens will get 7.10 percent interest on Amrit Vrishti FD scheme of 444 days.

SBI FD Rates

SBI Bank is offering FDs from 7 days to 10 years. The bank is giving maximum interest to senior citizens on FDs of 5 to 10 years. The interest on this FD is 7.30 percent. This time SBI Bank has reduced the interest on all its tenures of FDs by 0.15 percent to 0.25 percent.

Latest interest rate on State Bank of India FD

• 7 days to 45 days: For general public – 3.05 percent; For senior citizens – 3.55 percent
• 46 days to 179 days: For general public – 5.05 percent; For senior citizens – 5.55 percent
• 180 days to 210 days: For general public – 5.80 percent; For senior citizens – 6.30 percent
• 211 days to less than 1 year: For general public – 6.05 percent; For senior citizens – 6.55 percent
• 1 year to less than 2 years: For general public – 6.25%; For senior citizens – 6.75%
• 2 years to less than 3 years: For general public – 6.45 percent; For senior citizens – 6.95 percent
• 3 years to less than 5 years: For general public – 6.30 percent; For senior citizens – 6.80 percent
• 5 years to 10 years: For general public – 6.05 percent; For senior citizens – 7.05 percent. (Under SBI weCare scheme, senior citizens get 0.50 percent interest extra.)

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But, filing returns is mandatory for people between 60 and 80 years of age. But, if a person is 75 years or more in age and has income only from pension or interest, then there are easier rules for him. Instead of filing income tax returns, he can file Form 12BBA through the bank in which his pension is deposited.

Many types of relief to senior citizens

The Income Tax Department provides many reliefs to senior citizens and super senior citizens in tax matters. Under the old regime of income tax, senior citizens also get some special deductions. It is important for senior citizens to know about this. This can help them a lot in filing income tax returns.

Exemption limit for senior citizens

In the old regime of income tax, the basic exemption limit of income tax for people above 60 years of age is Rs 3 lakh. For people above 80 years of age, the exemption limit is Rs 5 lakh. This means that if the income of a senior citizen is less than or up to this limit, then he does not need to pay tax. Apart from this, senior citizens with income up to Rs 5 lakh in the old regime can claim tax rebate, which can reduce their tax to zero.

Rs 75,000 standard deduction for senior citizens

In the new regime of income tax, the exemption limit for all taxpayers for the financial year 2024-25 is Rs 3 lakh. In this regime, people whose total income is up to Rs 7 lakh get a rebate of Rs 25,000 under section 87A. This reduces their tax to zero. In the old regime, pensioners get a standard deduction of Rs 75,000 instead of Rs 50,000. In the old regime, deduction is available under section 80C in Senior Citizens Savings Scheme (SCSS). If a person retired from the job is 55 years old, then he can invest in this scheme. Defense employees can invest in it at the age of 50.

Rebate on health policy premium too

Senior citizens get more deduction on health policies than others. Under section 80D, they get a deduction of Rs 50,000 per year on health policy premium. Senior citizens are exempted from tax on interest income up to Rs 50,000 from savings and fixed deposits. Interest income above this amount will be taxable.

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Which banks are getting more interest?

• Small Finance Bank Interest Rates
• Suryoday Small Finance Bank – 9.1% interest on 5 year FD
• Unity Small Finance Bank – 8.65% interest
• Northeast Small Finance Bank – 8.5% interest
• Utkarsh Small Finance Bank – 8.35% interest
• Jana Small Finance Bank – 8.2% interest

All these interest rates are for senior citizens and will be applicable on deposit amount up to Rs 3 crore.

Tax exemption is also possible

If you follow the old tax system, you can get a deduction of up to Rs 1.5 lakh on a 5-year tax saving FD under Section 80C of the Income Tax Act. Apart from this, senior citizens also get a deduction of up to Rs 50,000 on additional interest income under Section 80TTB. If a person’s interest income exceeds Rs 1 lakh, then TDS (tax) can be deducted. But if your total income does not fall under the tax bracket, then you can avoid TDS by filling Form 15H.

Caution is necessary

Keep in mind that DICGC (Deposit Insurance and Credit Guarantee Corporation) provides insurance only on deposit amount up to Rs 5 lakh. Therefore, while investing in FD, make sure that your amount is within this limit. This is a good opportunity for senior citizens to invest their money in a safe and profitable option. However, before investing, take any decision keeping in mind the credibility of the bank and your needs.

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These banks are giving the highest interest to senior citizens on 1 year FD

• Private sector Bandhan Bank is offering 8.25 per cent interest on 1-year term FDs to senior citizens above 60 years of age.
• Hinduja Group’s IndusInd Bank is offering 8.00 per cent interest to senior citizens on 1 year term FDs.
• Private sector RBL Bank is also offering 8.00 percent interest to senior citizens on 1 year term FD.
• Apart from these, Tamilnadu Mercantile Bank is offering 7.75 per cent interest to senior citizens on 1-year term FDs.

How much interest are SBI, PNB, HDFC banks paying

Let us tell you that these banks are giving the highest interest to senior citizens on 1 year FD. Talking about State Bank of India, the country’s largest government bank is giving only 7.20 percent interest to senior citizens on 1 year FD. Apart from this, Punjab National Bank is also giving 7.20 percent interest to senior citizens on 1 year FD. Whereas, Bank of Baroda is offering 7.30 percent interest, ICICI Bank 7.20 percent, HDFC Bank 7.10 percent interest to senior citizens on 1 year FD.

Disclaimer: This article is written for informational purposes only. Consult your financial advisor before making any kind of investment or taking any financial risk. Rights Of Employees will not be responsible for any kind of risk.

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Senior citizens who have idle money can earn good returns from this FD in a short period. Also, from April 1, 2025, senior citizens can enjoy a higher limit of TDS deduction on FD interest. The following banks are offering good interest rates on one-year FDs:

Interest rate up to 8.25%

Bandhan Bank is offering interest rates up to 8.25% on one year FDs for senior citizens.

Interest rate up to 8%

IndusInd Bank is offering interest rates up to 8% on one year FDs for senior citizens.

Interest rate up to 8%

RBL Bank is offering interest rates up to 8% on one year term FDs for senior citizens.

Interest rate up to 7.75%

Tamilnad Mercantile Bank is offering interest rates up to 7.75% on one year tenure FDs for senior citizens.

You will get the benefit of higher TDS limit

While presenting Budget 2025, the Finance Minister had said that TDS rates will be rationalised, which will provide a big relief to taxpayers. The limit of tax deduction at source (TDS) on interest for senior citizens has been doubled from the current Rs 50,000 to Rs 1 lakh. This means that if your interest amount in a bank FD is less than Rs 1 lakh, then the concerned bank will not deduct any TDS. Also, even if the interest amount is more than Rs 1 lakh, but your total income after all deductions is less than Rs 12 lakh, then you can submit Form 15H. By doing this, the bank will not deduct TDS even if the interest exceeds Rs 1 lakh for the financial year 2025-26 (assessment year 2026-27).

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Delhi Chief Minister Rekha Gupta and Union Minister Hardeep Singh Puri distributed the first Ayushman Vaya Vandana cards to the beneficiaries at a program in the capital. Under this scheme, both the central government (Pradhan Mantri Jan Arogya Yojana) and the Delhi government will jointly bear medical expenses of Rs 5 lakh each every year. Due to which a person will get a total medical cover of Rs 10 lakh in a year.

Every registered senior citizen will be given a health card

Under the Ayushman Vay Vandana Yojana, every registered senior citizen will be provided a health card. Their complete health record, information of regular health checkup and emergency service details will be stored securely in this card. Under this scheme, all medical tests will be made completely free for citizens aged 70 years and above in Delhi. Let us tell you that all the elderly people of 70 years and above in Delhi will get benefit in this scheme, whether they are rich or poor.

Delhi government started making health cards

Delhi Chief Minister Rekha Gupta’s office had earlier said in a post on social media, “Serving the elderly is our top priority. Now, the Centre and Delhi government together are providing medical coverage of up to Rs 10 lakh to senior citizens aged 70 years and above. Secure the health of your loved ones – get Ayushman Vaya Vandana card today.” Let us tell you that the Delhi government has started registration under the Ayushman Vaya Vandana scheme.

Which documents will be required for health card

For registration under Ayushman Vaya Vandana Yojana, you will need an Aadhaar card, an active mobile number linked to Aadhaar and a passport size photo. Let us tell you that to avail the benefits of this scheme, you must be a citizen of Delhi. Delhi Chief Minister Rekha Gupta said that apart from all BJP MLAs, councilors, arrangements are being made for registration under the scheme in DM and SDM offices as well. Once registered, health cards will be made and given to the beneficiaries.

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This is the reason why most senior citizens invest their money in fixed deposits. To motivate them to invest, banks also offer 0.50 percent more interest to senior citizens.

But apart from FD, senior citizens can also think of investing in Senior Citizen Savings Scheme. In this scheme, they get very good interest which may not be available even on FD in many places. By investing in this scheme for 5 years, senior citizens can earn more than Rs 6 lakh in interest.

8.2% interest and tax exemption too

SCSS is currently giving an interest rate of 8.2 percent. Senior citizens can invest up to Rs 30,00,000 in this scheme, while the minimum investment limit is Rs 1000. In this scheme, interest is paid on the deposit amount on a quarterly basis. The scheme matures after 5 years. If you want to continue the benefits of this scheme even after 5 years, then after the deposit amount matures, you can extend the account period for three years. It can be extended within 1 year of maturity. The extended account gets interest at the rate applicable on the date of maturity. SCSS offers the benefit of tax exemption under section 80C.

You will earn more than 12 lakh rupees from this interest

If you want to increase your savings rapidly, then this scheme can prove to be a better option. If you deposit Rs 30 lakh from your savings in this scheme, then you can earn Rs 12,30,000 from interest at the rate of 8.2%. In this case, you will get Rs 61,500 as interest every quarter and after 5 years, the amount of Rs 30 lakh will become Rs 42,30,000 after maturity.

If you deposit 15 lakh rupees for 5 years, then according to the current interest rate of 8.2 percent, you will get ₹ 6,15,000 in 5 years as interest only. If you calculate the interest on quarterly basis, it will be ₹ 30,750. In this way, by adding 15,00,000 and the interest amount of 6,15,000, you will get a total of 21,15,000 rupees as maturity amount.

The amount is deposited for 5 years

Senior Citizen Savings Scheme is a deposit scheme. In this, money is deposited for 5 years. Any person whose age is 60 years or more can invest. On the other hand, civil sector government employees taking VRS and people retiring from defense are given relaxation in age limit with some conditions.

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Many major banks of the country have announced to give better returns to investors by changing the interest rates of FD. As per the new rates applicable from 16 April 2025, senior citizens can now get up to 7.95% interest on FD. AU Small Finance Bank, IDFC First Bank and Bank of Maharashtra have revised their FD rates.

AU Small Finance Bank FD Rates: AU Small Finance Bank has implemented interest rates ranging from 3.75% to 7.75% for general citizens and 4.25% to 8.25% for senior citizens. The highest interest rate is being offered on 18-month FDs — 7.75% for general investors and 8.25% for senior citizens. Senior citizens are getting 8.10% interest on FDs of 1 year to 15 months, which makes this bank an attractive option.

IDFC First Bank FD rates: IDFC First Bank has also changed its FD rates and started giving interest up to 7.50%. This rate is applicable for a period of 400 to 500 days for general citizens. At the same time, senior citizens are getting 8% interest for the same period. The bank is giving a return of 3% to 6.5% on short term FDs.

Bank of Maharashtra FD Rates: Bank of Maharashtra has implemented new rates with a maximum interest rate of 7.45%, which applies to special FDs of 366 days. Senior citizens can get up to 7.95% interest on the same scheme. Ordinary citizens are being given returns ranging from 2.75% to 7.45% and senior citizens from 3.25% to 7.95%. This increase in interest rates can benefit investors, especially senior citizens. In the current financial environment where equity markets remain volatile, FD is emerging as a safe and stable investment option.

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PNB is running many types of savings schemes for its customers, in which you can earn good profits by investing. Today we will tell you about one such savings scheme of PNB, in which you can get fixed and guaranteed interest of Rs 49,943 by depositing Rs 2 lakh. Yes, we are talking about PNB’s FD scheme.

PNB is giving 7.5% interest to senior citizens on 3-year FD

Punjab National Bank is offering 3.50% to 7.25% interest to general citizens and 4.00% to 7.75% interest to senior citizens on FDs with tenures ranging from 7 days to 10 years. Punjab National Bank is offering 7.00% to general citizens and 7.50% interest to senior citizens on FDs with tenures ranging from 2 years and one day to 3 years. If you are a general citizen and deposit Rs 2 lakh in a 3-year FD of Punjab National Bank, then you will get a total of Rs 2,46,287 on maturity, which includes Rs 46,287 of interest.

Deposit ₹2,00,000 and get fixed interest of ₹49,943

If you are a senior citizen and deposit Rs 2 lakh in a 3-year FD of Punjab National Bank, then you will get a total of Rs 2,49,943 on maturity, which includes Rs 49,943 of interest. Let us tell you that customers get a fixed and guaranteed interest on FD i.e. fixed deposit. Even today in this era of stock market and mutual funds, a large section of the country considers FD as the safest investment, because there is no risk of any kind in it like the stock market or mutual funds and you get guaranteed returns.

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Now these rules are coming into effect from April 1, 2025 with the start of the financial year. This change also includes new rules for tax deduction (TDS) and tax collection at source (TCS). Let us tell you about it in detail.

Big relief to senior citizens and homeowners

The central government had announced in the budget that the TDS deduction for senior citizens has been doubled. Earlier it was Rs 50 thousand, which has now become Rs 1 lakh. This will give them great relief. At the same time, landlords have also got a big relief. Actually, the limit of TDS deduction on rent income has been increased from Rs 2.4 lakh per financial year to Rs 6 lakh per financial year.

TCS limit on foreign transactions increased

Apart from this, the limit of TCS deduction for RBI’s Liberalised Remittance Scheme for those with transactions from abroad has also been increased. Earlier, TCS deduction was made on transactions of Rs 7 lakh from abroad, which has been increased to Rs 10 lakh.

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According to the bank, this scheme is available for investment till 31 March 2024. This is a good option for those senior citizens who want to keep their money safe and also want to earn good returns.

Features of SBI WeCare Deposit

This scheme is designed for those senior citizens who want risk-free investment. Since this scheme is being offered by a government bank, this scheme is completely safe.

Interest rate and investment period

The interest rates offered under this scheme are 0.50% higher than normal FDs. That is, if SBI is offering 6.50% interest on normal FDs, then senior citizens will get 7% interest under this scheme. Investors can choose a period of 1 year to 10 years, which will make it easier for them to plan according to their future needs.

How to invest?

To invest in this scheme, the senior citizen should be 60 years of age or above. Any interested person can invest in it by visiting the SBI branch or through online banking. For this, documents like age certificate, Aadhaar card or PAN card and address proof will have to be submitted.

Benefits of this scheme

Higher interest rates – Senior citizens get higher interest than normal FDs.

Investment period – There will be an option to choose a period from 1 year to 10 years.

Quarterly Interest Payment – ​​If the investor needs interest every three months, this facility is also available.

Safe and reliable – Since this is an SBI scheme, the money is completely safe. Also, the Deposit Insurance and Credit Guarantee Corporation (DICGC) gives a guarantee on the deposit amount up to Rs 5 lakh.

SBI WeCare Deposit is an excellent option for senior citizens who want regular income even after their retirement. It has high interest rates, safe investment and easy application process. If you or someone in your family is a senior citizen, then this scheme can prove beneficial for them.

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Every day a large section of the Indian population is seen traveling by train. Railways also run many trains every day. If you also want to travel by train, then for this you have to take a train ticket which you can book from the ticket counter or from the official website or app of IRCTC.

At the same time, to save those who book train tickets for senior citizens from problems, everyone wants to get a lower berth for senior citizens. If you also want this, then you have to know about the way to book train tickets so that you can get a confirmed lower berth. You can know about this in the next slides…

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The Reserve Bank of India (RBI) cut its repo rate from 6.50% to 6.25%, a 25 basis point decrease. This presents a problem for investors in Fixed Deposits (FDs) because a decrease in the repo rate usually indicates a future decrease in bank interest rates. This is the last chance for FD investors, particularly senior citizens, to lock in higher rates before banks start cutting them.

Small finance banks often offer attractive interest rates on Fixed Deposits (FDs) for senior citizens, typically higher than those of major commercial banks. These banks focus on serving underserved sectors and may offer better rates as part of their strategy to attract deposits.

Unity Small Finance Bank latest FD rates

Unity Small Finance Bank offers attractive Fixed Deposit (FD) rates, ranging from 4.50% to 9.50% for the general public and 4.50% to 9.50% for senior citizens, depending on the tenure. These rates apply to FDs maturing in 7 days to 10 years. The revised deposit interest rates came into effect on 12 February.

In the following scenarios, the interest rates for senior citizens exceed 9%: For deposits of 501 days, the rate is 9.00%; for 1001 days, it is 9.50%.

Suryoday Small Finance Bank latest FD rates

Suryoday Small Finance Bank offers the following Fixed Deposit rates effective from February 1, 2025:

The interest rate on 5-year deposits is 8.60% for the general public and 9.10% for senior citizens.

For deposits with tenures ranging from 7 days to 10 years, the rates vary from 4.00% to 8.60% for general depositors and 4.50% to 9.10% for senior citizens.

Utkarsh Small Finance Bank latest FD rates

Utkarsh Small Finance Bank offers the following Fixed Deposit rates effective from June 7, 2024:

The interest rate for 1500-day deposits is 8.50% for the general public and 9.10% for senior citizens.

For deposits maturing in 7 days to 10 years, the rates range from 4.00% to 8.50% for general depositors and 4.60% to 9.10% for senior citizens.

Before investing, always compare the rates and terms offered by various small finance banks and consider the bank’s credibility and financial stability.

If any elder in your house is facing such a problem, then let us tell you that at present some banks are giving more than 9 percent interest on 5-year FD. If any senior citizen wants to arrange for pension, then by depositing money in these banks, he can earn a good amount of interest every month.

How to get 9.1% interest

In the banks we are telling you about here, senior citizens will have to make FD for a time period of 5 years. Also, the amount deposited should be less than Rs 3 crore. If you fall under the old tax regime, then you can also get tax benefits.

Tax relief will be available under section 80C

If senior citizens have opted for the old tax regime, they will get tax relief under Section 80C of the Income Tax Act on the interest earned on FD, but let us make it clear here. Those who have opted for the new tax regime will not get tax rebate on FD interest.

These banks are giving 9.1% interest on FD

Suryodaya Small Finance Bank is currently offering 9.1 percent interest to senior citizens. Apart from this, Unity Small Finance Bank is offering 8.65 percent interest to senior citizens.

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Along with this, changes have also been made in the rules of TDS deduction, which is very important to understand. The government has doubled the TDS levied on interest received by senior citizens on bank fixed deposits, which has given them great relief. With this decision of Finance Minister Nirmala Sitharaman, the income through senior citizen schemes and bank FDs will be doubled.

The government doubled the limit

The central government has doubled the limit of TDS deduction on FD interest for senior citizens. Earlier it was Rs 50 thousand, while now it has become Rs 1 lakh. Meaning now TDS will not have to be paid on earnings up to Rs 1 lakh from interest. Let us tell you that the new limit will be applicable from the next financial year 2025-26 i.e. April 1. Actually, banks offer 0.50 percent more interest to senior citizens on their FD schemes than the normal interest rate. In such a situation, their earnings will increase. At the same time, investment in popular schemes like Post Office Senior Citizen Savings Scheme is expected to increase.

How much TDS will have to be paid above the limit?

At present, if the interest received by senior citizens from bank FD is more than Rs 50,000, then the account holders have to pay TDS of 10 percent. This means that if a person earns Rs 80,000 as interest in a financial year, then he has to pay TDS of Rs 8,000. Now, from April 1, 2025, 10% TDS will have to be paid on interest earned above Rs 1 lakh.

Common man also got relief

It is known that the limit of TDS deduction on interest income for general citizens has also been increased. Finance Minister Nirmala Sitharaman said in her budget speech that the limit of TDS on interest from FD for non-senior citizens has been increased from Rs 4 thousand to Rs 50 thousand. If your annual income is less than the taxable income, then you can claim TDS in the income tax return.

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New Delhi. Modi government has given a big gift to the elderly of the country in the budget. Not only has it given them tax exemption and relief on savings, but it has also made it easier for them to follow the income tax rules. The government knows that most of the elderly of the country invest money in FD, which is considered the safest investment scheme. Keeping this in mind, the scope of tax exemption on FD has been increased. Along with this, a big exemption has also been provided for filing income tax returns.

Finance Minister Nirmala Sitharaman has made many big announcements for senior citizens while presenting Budget 2025 in Parliament today. She announced that the TDS exemption on interest income for senior citizens will be doubled. Apart from this, the burden of filing ITR, NSS account and tax compliance has also been reduced.

How much discount is there on FD?

Most of the elderly people of the country invest in FD to keep their money safe. Till now, elderly people are given TDS deduction of up to Rs 50,000 on interest income from FD. This means that interest up to Rs 50,000 received on FD remains outside the scope of tax, but now this scope has been increased to Rs 1 lakh. This means that interest up to Rs 1 lakh on FD will remain outside the scope of tax.

Exemption in filing ITR

Senior citizens have also been given exemption in filing income tax returns. Till now, senior citizens earning up to Rs 5 lakh per annum were exempted from the hassle of filing income tax returns. Now this limit has been doubled to Rs 10 lakh. This means that senior citizens earning up to Rs 10 lakh per annum will not need to file ITR.

Relief on NSS account too

The government has also given relief to those senior and super senior citizens who have old National Savings Scheme (NSS) accounts. Withdrawals made after 29 August 2024 from accounts which are no longer getting interest have also been made tax free. Apart from this, the government has also announced tax benefits for NPS Vatsalya accounts. Now NPS Vatsalya accounts will also get the same tax benefits as normal NPS accounts. It will remain within the overall limits. Senior citizens and taxpayers are expected to get a lot of relief from these decisions of the government in Budget 2025-26.

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The post Senior Citizens Tax Deduction: Senior citizens will get double discount on FD, no need to file ITR if earning up to 10 lakh first appeared on Rightsofemployees.com.

The rising cost of treatment in the hospital has increased the pressure on them. In such a situation, the government needs to make announcements regarding senior citizens in the budget.

No tax on income up to 10 lakhs

Senior citizens are expecting an increase in the tax exemption limit from the budget. Currently, there are two categories of senior citizens in terms of income tax. The first category includes people from 60 to 80 years of age, who are called senior citizens. The second category includes people aged 80 years and above, who are called super senior citizens. If the annual income of a senior citizen is up to Rs 3 lakh, then he does not need to pay tax in the old regime of income tax. If the annual income of a super senior citizen is Rs 5 lakh, then he does not have to pay tax in the old regime. The government should increase the tax exemption limit for both types of senior citizens to Rs 10 lakh. This is what senior citizens are expecting.

Discount on medical tests

Senior citizens need the most care in old age. In old age, most of the money is spent on treatment, medicines and tests. The government needs to allow deduction of Rs 1 lakh per year on medical care. This should include OPD, tests and other expenses related to treatment. This will benefit crores of senior citizens.

Get tax exemption on NPS pension

At present, 60% of the money in NPS is received at the age of 60. The remaining 40% is used as pension in the form of annuity. This pension comes under the purview of tax. There is a need to keep it out of the purview of tax. This will provide great relief to the elderly. By not paying tax, they will get more pension in their hands.

Exemption for filing income tax return

Currently, senior citizens aged 75 years and above are not required to file income tax returns. Those whose source of income is only pension and interest income. Tax experts believe that the government should abolish the age limit of 75 years.

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The post Budget 2025: Tax exemption limit for senior citizens increased to Rs 10 lakh, Key Details first appeared on Rightsofemployees.com.

The name of this scheme with a tenure of two years and about one and a half months is Cent Garima Term Deposit Scheme. In this, common people are getting interest at the rate of 7.55%. On the other hand, senior citizens are being given .5% more interest, that is, the elderly are getting 8.05% interest. Know here how much benefit the elderly will get on depositing 1 lakh rupees, along with all the features of this scheme.

Know what you will get if you deposit ₹1,00,000

If the elderly decide to invest in this scheme and deposit ₹1,00,000 in it, then at the rate of 8.05% interest, they will get 18,490 rupees as interest. In this way, they will get 1,18,490 rupees on maturity. On the other hand, if ordinary people deposit ₹1,00,000 in it, they will get 17,260 rupees as interest. In this way, the maturity amount will be 1,17,260 rupees.

Loan facility is also available

You also get the facility of loan on this special deposit scheme of Central Bank. You can take up to 90 percent of your deposit amount as loan. The interest rate on the loan amount will be 1.00% more than the applicable floating interest rates. In cases of MIDR, QIDR, FDR, the interest amount will be deposited in the loan account. If you have taken a loan on the deposit amount, then you will not get the facility of premature withdrawal. You also get the facility of nomination in the scheme.

How to take advantage of it

If you want to take advantage of this scheme, you can do so through online/net banking/mobile banking. You can also open an account offline by visiting a bank branch. You can deposit a minimum of Rs 10,000 and a maximum of Rs 10,00,00,000 in the scheme. If you withdraw the amount before maturity, you will have to pay a penalty of 1%.

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The post Senior citizens are getting 8.05% return on this FD of 777 days – Know full Details first appeared on Rightsofemployees.com.

This made it very easy for crores of elderly people to travel by train. Especially those senior citizens got a lot of relief, who have to live on pension money after retirement. The question is whether Finance Minister Nirmala Sitharaman will announce discounts on railway tickets to senior citizens again on February 1?

The government stopped the discount in March 2020

The government stopped giving discounts on train tickets to senior citizens in March 2020. Since then, they have to pay the full price of the train ticket. Organizations representing senior citizens are constantly demanding the government to resume discounts on train tickets. Every year this demand increases before the Union Budget. But , the government has not fulfilled this demand of the elderly in the last 5 years. This time the elderly are hopeful that their demand will be fulfilled.

Female senior citizens used to get 50% discount

Covid struck in March 2020. At the end of March, the government announced a lockdown. The wheels of trains stopped. With this, the discount that senior citizens used to get on train tickets stopped. Earlier, female senior citizens used to get a 50 percent discount on train tickets. Male and transgender senior citizens used to get a 40 percent discount. After the discount ended, senior citizens also have to pay the same price for train tickets as common people pay.

Passengers get 55% discount on train tickets

According to the rules of the Railways, men and transgenders aged 60 years and above are considered senior citizens. Women aged 50 years and above are considered senior citizens. Sources related to the Railways say that by ending the discount on train tickets for senior citizens, the income of the Railways has increased significantly. Last year, in response to the question of resuming the discount on train tickets for the elderly, Railway Minister Ashwini Vaishnav had said that the government already gives 55 percent discount to the people on train tickets. This indicated that the government is not interested in resuming the discount on train tickets for the elderly.

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The post Train Ticket Concession: Senior citizens can again get 50% discount on train tickets, Key Details Inside first appeared on Rightsofemployees.com.

How will the tax liability be calculated? – This calculation is for senior citizens.

For example, if the general income of a senior citizen is Rs 2 lakh and short term capital gain income from listed shares is Rs 5 lakh, then how will the tax be calculated on it.

Normal Income: ₹2 lakh (mainly interest income).

Short-term capital gains: ₹5 lakh (from listed shares).

Deduction under Section 80C: ₹1.50 lakh (under the old tax regime).

After deductions, your normal income will be ₹50,000. The basic tax exemption limit for senior citizens is Rs 3 lakh.

Short-term capital gains and tax exemption limit

Because in this case the normal income is Rs 2.50 lakh less than the exemption limit of Rs 3 lakh. This shortfall will be adjusted against your short-term capital gain. After this, tax will be applicable on the remaining short-term capital gain of Rs 2.50 lakh.

This tax rate will be like this

• Profits earned before July 23, 2024: Taxed at the rate of 20%.
• Profits earned on or after July 23, 2024: Taxed at 15%.

Use of section 80C

The benefits of section 80C are available only on normal income. This benefit is not available on short-term capital gains. However, if you have got short-term gain or loss from any other source, then it will be considered as normal income. The benefit of section 80C can then be applicable on it.

Important things for investors

Choose old tax regime : The benefit of Section 80C is available only in the old tax system.

Use short-term capital losses: If you incur any short-term losses in a financial year, the same can be set off against short-term capital gains.

Non-resident rule: If you are a non-resident, you will have to pay tax at the rate of 20% or 15% on the entire amount of short-term capital gains.

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The post Income Tax Rule: Can senior citizens avail short-term capital gains under section 80C? Know the rules first appeared on Rightsofemployees.com.

In such a situation, senior citizens are hoping for the re-implementation of the pre-Covid facility. Before the Covid-19 pandemic, Indian Railways used to give 40% to 50% discount on train tickets to senior citizens. This facility was applicable on trains like Mail, Express, Rajdhani, Shatabdi and Duronto. Men aged 60 years or above used to get 40% discount and women aged 58 years or above used to get 50% discount. But this discount was discontinued during the pandemic and was not restored even after the situation in the country became normal.

Demand to restore exemption increased

Senior citizens say that after retirement their sources of income become limited. The discount on train tickets made travel affordable for them, so that they could easily meet their family or go on religious trips. Since the discontinuation of this discount in 2020, senior citizens have been constantly demanding its restoration. They say that this discount was not just financial help, but also gave them an opportunity to travel to different parts of the country.

Will there be relief in Budget 2025?

On February 1, 2025, Union Finance Minister Nirmala Sitharaman will present the first budget of the third term of the Modi government. Senior citizens hope that their long pending demand will be fulfilled this time. If the railway discount is resumed, then lakhs of senior citizens will get direct benefit from it. They will be able to avail the discount on ticket booking in Rajdhani, Shatabdi and other trains again.

Will the government give good news to senior citizens?

Now it remains to be seen whether the government includes this demand of senior citizens in Budget 2025 or not. This step will not only provide relief to senior citizens but will also show the government’s sensitivity towards the elderly.

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The post Budget Expectations: Senior citizens will get 50% discount on tickets of Express, Rajdhani, Shatabdi trains! first appeared on Rightsofemployees.com.

These 7 banks are giving the highest returns

• SBM Bank: SBM Bank offers the highest interest rate of 8.25% to senior citizens, which is suitable for safe and profitable investment.
• Yes Bank: Yes Bank offers FD option to senior citizens with an interest rate of 8%, which makes their investment safe and profitable.
• DCB Bank: DCB Bank offers an interest rate of 8.05% to senior citizens, making their investment safe and profitable.
• Bank of Baroda: Bank of Baroda offers senior citizens an interest rate of 7.75% on three-year FDs, which makes their investment safe and profitable.
• Axis Bank: Axis Bank offers senior citizens an interest rate of 7.60% on three-year FDs, making their investment safe and profitable.
• HDFC Bank: HDFC Bank offers an interest rate of 7.50% to senior citizens on three-year FDs, making their investment safe and profitable.
• Canara Bank: Canara Bank offers senior citizens an interest rate of 7.30% on three-year FDs, making their investment safe and profitable.

TDS on interest exceeding Rs 50,000

Interest rates may change from time to time. Therefore, before investing, make sure to confirm from the official website of the concerned bank or the nearest branch. Additionally, senior citizens should also keep in mind the taxation aspects on interest earned on FDs, as TDS (Tax Deducted at Source) may be applicable on interest of more than Rs 50,000 in a financial year.

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The post Fixed Deposit: Senior citizens are getting more than 8% strong return on FD in these 7 banks, know first appeared on Rightsofemployees.com.

The party’s national convenor Arvind Kejriwal has launched the “Sanjeevani Yojana” , which will provide free medical facilities to senior citizens above 60 years of age. The entire cost of this scheme will be borne by the Delhi government.

Arvind Kejriwal announced that AAP workers will go door-to-door and register the elderly for this scheme. Under this, the elderly will be provided a special card through which they will be able to avail free treatment. He also clarified that this scheme will be implemented after the Aam Aadmi Party government is formed.

Registration for Sanjeevani Yojana has started from November 19, 2024. This health scheme is one of the major announcements of AAP before the elections, through which the party hopes that it will be able to gain public support.

What is the objective of Sanjeevani Yojana?

The objective of Sanjeevani Yojana is to provide free medical facilities to people above 60 years of age in the capital of India, Delhi. This medical facility will be provided by the Delhi government. Under this, the elderly will not have to pay fees to doctors, money for buying medicines and charges related to the diagnosis of diseases.

दिल्ली के हमारे सभी बुजुर्गों के लिए ख़ुशख़बरी। दिल्ली में 60 साल से ज़्यादा उम्र के सभी नागरिकों का इलाज मुफ़्त होगा। ये केजरीवाल की गारंटी है। https://t.co/gGRrl6Wlrg

— Arvind Kejriwal (@ArvindKejriwal) December 18, 2024

4 big announcements made in 23 days

12 December: ₹1000 per month scheme for women

Arvind Kejriwal on 12 December announced a financial aid of ₹1000 per month for women which has been named “Mahila Samman Yojana ”. This scheme will be applicable for every woman above 18 years of age. He also promised that after the elections, this amount will be increased to ₹2100 per month.

10 December: 4 major announcements for auto drivers

Kejriwal announced four special relief measures for Delhi’s auto drivers on 10 December. 21 November: Announcement of pension up to ₹2500 to 5 lakh people
On 21 November, Kejriwal announced the resumption of the pension scheme for senior citizens. 80,000 new senior citizens have been included in it. Now this scheme will reach more than 5 lakh people.

The post Kejriwal promises Sanjeevani Yojana – free healthcare for senior citizens aged 60 and above first appeared on Rightsofemployees.com.

This is a deposit scheme with 0% risk in which the elderly have to deposit the amount only once. The elderly can earn more than Rs 12 lakh through interest from this scheme. Understand how-

The amount is deposited for 5 years

Post Office Senior Citizen Savings Scheme is a deposit scheme. In this, a fixed amount is deposited for 5 years. Senior citizens can invest up to Rs 30,00,000 in this scheme, while the minimum investment limit is Rs 1000. At present, interest is being given on SCSS at the rate of 8.2%.

This way you will earn more than 12 lakh rupees

As we told you, you can deposit a maximum of Rs 30,00,000 in this scheme. If you invest this amount in this scheme, then in 5 years you will get Rs 12,30,000 as interest at the rate of 8.2%. Every quarter Rs 61,500 will be credited as interest. In this way, after 5 years you will get a total of Rs 42,30,000 as maturity amount.

You will also get tax benefits

This scheme is also very good in terms of saving income tax. This scheme provides tax benefits under section 80C of the Income Tax Act. Under 80C, you can claim a deduction of Rs 1.5 lakh from the total income.

Who can invest

Any person who is 60 years of age or above can invest. Civil sector government employees taking VRS and those retiring from defense are given relaxation in age limit with some conditions. The scheme matures after 5 years.

Extensions can also be done

If you want to continue the benefits of this scheme even after 5 years, then you can extend the account period for three years after the deposit amount matures. It can be extended within 1 year of maturity. The extended account receives interest at the rate applicable on the date of maturity.

How to invest

To invest in Senior Citizen Savings Scheme (SCSS), you can open an account in any authorized bank or post office. The account can be opened either singly or as a joint account with the wife.

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The post Best Scheme for Senior Citizens: 0 Risk High return investment scheme for senior citizens – Check calculator first appeared on Rightsofemployees.com.

In FD, senior citizens are offered 0.25% to 0.50% more interest than the general customer. If you are also a senior citizen and want to make a fixed deposit, then at present there are many private banks which are offering very attractive interest. Let us understand some such special offers here so that you can get help in taking an investment decision.

Bandhan Bank

Offers interest rates up to 8.55% for senior citizens. FDs for a tenure of 1 year are 8.55%, for 3 years and 5 years, FDs are 7.75% and 6.60% respectively.

DCB Bank

DCB Bank is also offering up to 8.55% interest on FD. If you make a 1-year FD, you will get 7.60% interest, while for 3 years, the interest rate is 8.05% and for 5 years, the interest rate is 7.90%.

SBM Bank

SBM Bank is offering FD for senior citizens at a maximum interest rate of 8.75%. In this bank, interest will be 7.55% for a period of 1 year, 7.80% for 3 years and 8.25% for 5 years.

RBL Bank

RBL Bank is also offering a maximum interest rate of 8.60% to senior citizens. According to paisabazaar, if you make an FD for a period of 1 year and 3 years in this bank, then the interest rate is 8.00%, while for 5 years the interest rate is 7.60%.

Indusind Bank

Indusind Bank is also offering a maximum interest rate of 8.25% for senior citizens. 8.25% interest is applicable for 1 year tenure as well, while 3 year and 5 year FDs get 7.75% interest.

yes bank

In Yes Bank, you can get FD at a maximum interest rate of 8.25%. The interest rate for 1 year is 7.75%, while 8% interest rate is being offered on 3 year and 5 year FD.

Tamilnad Mercantile Bank

This private sector bank is offering FD at a maximum rate of 8.25%. It is offering 7.50% interest on 1 year FD. This rate is 7% for 3 year and 5 year tenure.

IDFC First Bank

IDFC First Bank offers a maximum interest rate of 8.25% to senior citizens. For a tenure of 1 year, the rate is 7.00%, while for 3 years and 5 years, the interest rate is 7.30% and 7.25% respectively.

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Senior citizens get more interest

The banks we are listing here are offering up to 9% interest rate per annum on fixed deposits for retail depositors. This is usually on amounts less than Rs 3 crore. Moreover, senior citizens can get even higher interest rates on fixed deposits, which is usually higher by 0.25% to 0.50%. We have listed here a complete list of banks offering up to 9% interest on fixed deposits for a period of three years and less than Rs 3 crore for individuals below 60 years of age.

North East Small Finance Bank

North East Small Finance Bank is offering 9% interest rate to common citizens on FDs maturing in three years. Suryoday Small Finance Bank is also offering 8.6% interest rate to common citizens on its FDs maturing in three years.

Utkarsh Small Finance Bank

Utkarsh Small Finance Bank is offering 8.5% interest rate to common citizens on FDs maturing in three years. Jana Small Finance Bank is also offering 8.25% interest rate on FDs maturing in three years.

Unity Small Finance Bank

Unity Small Finance Bank is offering an interest rate of 8.15% on FDs maturing in three years. Equitas Small Finance Bank FD RatesEquitas Small Finance Bank is offering an interest rate of 8% on FDs maturing in three years.

(Disclaimer: Small finance bank deposits are insured only up to Rs 5 lakh by the Deposit Insurance Credit Guarantee Corporation (DICGC). Experts advise investors to be cautious while investing in their FDs. Given their unique business model, the risks associated with investing in small finance bank FDs may differ slightly from scheduled commercial banks. To mitigate potential risks, it is recommended that investors limit their exposure to small finance bank FDs to the amount that falls within the DICGC coverage. This ensures that their principal and interest are protected in unforeseen circumstances.)

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The post Bank FD Rate: 9% interest rate is available in these banks on three year FD first appeared on Rightsofemployees.com.

This scheme of the Government of India is expected to help 6 crore senior citizens of about 4.5 crore families. If a family has more than one senior citizen eligible for this scheme, then the health insurance of Rs 5 lakh will be shared among them, i.e. the coverage will be on a per family basis. Under this scheme

Ayushman Bharat PMJAY

Under the Ayushman Bharat Yojana or Pradhan Mantri Jan Arogya Yojana, all senior citizens aged 70 years and above, irrespective of their financial status, are eligible for free medical treatment up to Rs 5 lakh. Under this scheme, all eligible senior citizens aged 70 years and above will be issued a separate Ayushman card. This card is universal and has no income limit, be it poor or middle class or upper class.

Card will not be made without this document

To register under the Ayushman Bharat scheme, senior citizens aged 70 years or above must have an Aadhaar. Aadhaar-based e-KYC is required for enrollment and issuance of Ayushman cards for eligible senior citizens. Without this, senior citizens will not be able to get this card. Beneficiaries aged 70 years or above can start treatment from the first day of enrollment. There is no waiting period for any disease or treatment, so coverage starts immediately.

What is the eligibility criteria

The only eligibility criterion for this special scheme is that the person should be 70 years of age or above. The age is determined as per the date of birth recorded in the Aadhaar card, irrespective of their financial status. Aadhaar is the only document required for enrolment in the Senior Citizen Scheme. All eligible senior citizens aged 70 years and above will be issued a separate Ayushman card.

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The post Ayushman Bharat: Senior citizens aged 70+ cannot apply without this document, check details first appeared on Rightsofemployees.com.

Under the scheme, such people will be eligible, whose age has been completed 70 years according to the Aadhar card. The number of beneficiaries of Ayushman card in the district is around 5 lakh. Apart from this, Ayushman cards are also being made for those people who have six units in their ration card i.e. the number of family members is six. Recently, the government issued an order saying that Ayushman cards will also be made for those people whose age has been completed 70 years according to the Aadhar card. Under this, the department has also started the process.

The beneficiaries said that the Ayushman card made by the Government of India for people above 70 years of age is a very good scheme. This is very good for us elderly people. Because now we are not even able to walk. Sometimes we may need money. Anything can happen for treatment at any time. Therefore, Ayushman card is proving to be a boon for us, which has been done by our Prime Minister Modi ji. This is a very commendable work. We thank him.

In this regard, CMO Dr. Awadhesh Kumar Yadav said that under the Ayushman Vaya Vandana Yojana, Ayushman cards of all senior citizens aged 70 years and above have started being made in Barabanki district. Cards of more than 1 thousand senior citizens have been made in the district, teams of the Health Department are making Ayushman cards by setting up camps in the district. The process of making Ayushman cards will continue until all senior citizens aged 70 years and above are made.

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The post Senior Citizens: AYUSHMAN card is being made for senior citizens above 70 years of age, know process first appeared on Rightsofemployees.com.

Apart from this, now there will be no need to go to the bank for verification. Labor and Employment Minister Mansukh Mandaviya on Friday announced the successful completion of the pilot test of the new Centralized Pension Payment System (CPPS) under the Employees’ Pension Scheme 1995.

The labour ministry statement said that CPPS is a paradigm shift from the existing pension disbursement system which is decentralised, wherein each zonal/regional office of EPFO ​​enters into separate agreements with only 3-4 banks. In CPPS, pensioners will not be required to visit the bank for any verification at the time of pension commencement and pension will be credited immediately upon release.

49 thousand pensioners got the facility

The minister said in the statement that the pilot test was completed on October 29-30 and pension of about Rs 11 crore was distributed to more than 49,000 EPS pensioners of Jammu, Srinagar and Karnal regions for October, 2024. Earlier, while announcing the new CPPS system, Mandaviya had said, ‘CPPS is an important milestone in the modernization of EPMO.

Pension can be withdrawn anywhere in the country

The Union Minister said, by enabling pensioners to receive their pension from any bank, any branch anywhere in the country, this initiative addresses the long-standing challenges faced by pensioners and ensures a seamless and efficient delivery mechanism. This is an important step in our efforts to transform EPFO ​​into a more robust and tech-enabled organization to better serve the needs of its members and pensioners.

No problem even if you change your location

The CPPS system will ensure the distribution of pension across India without transferring the Pension Payment Orders (PPO) from one office to another, even if the pensioner moves from one place to another or changes his bank or branch. This will be a big relief for those pensioners who move to their hometown after retirement and then have to go through a lot of trouble in changing their bank.

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This way the senior citizens will be saved from running around. Railways has started this facility for its retired employees from North Western Railway Zone. Gradually this system will be implemented in other zones as well.

According to the Railway Ministry, North Western Railway, Ministry of Personnel, Public Grievances and Pension have jointly implemented a new system for retired employees. Under this, the Department of Pension and Pensioners Welfare has launched Nationwide Digital Life Certificate Campaign 3.0. Now railway pensioners will be able to submit the life certificate given every year from home. This facility can be availed with the help of the app.

This facility will be provided in 800 cities through Nationwide Digital Life Certificate Campaign 3.0. After the launch of the new facility, more than 50 thousand pensioners of North Western Railway will be able to receive their pension payment from State Bank of India. For them, the facility will be started in the banks of all the zones and divisions of the Railways.

In this way, life certificate will be made sitting at home

According to the Railway Ministry, an app has been launched for this, through which Jeevan Pramaan Patra can be issued by scanning the pensioner’s face through face authentication technology. As soon as the scanner in the app opens, the mobile has to be brought in front of the face, which will generate the certificate. This facility will be most beneficial for pensioners living far away. They will be able to submit Jeevan Pramaan Patra from home without going to the bank and will be able to receive regular payment of pension without any hassle.

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If you are planning to invest in FD then this news is of your use. In October 2024, 7 banks including Shivalik Small Finance Bank, IndusInd Bank, Federal Bank, Punjab and Sindh Bank, Bank of Baroda and Punjab National Bank revised their FD interest rates.

Shivalik Small Finance

Bank had changed the interest rates on 24 October. The bank is giving 3.5% to 8.3% interest to customers on FDs, while senior citizens are getting 4% to 8.8% interest. The highest interest is being given on FDs of 18 months to 24 months duration, which is 8.30% for general customers and 8.80% for senior citizens.

Indusind

Bank had changed the interest rates on 7 October. The bank is giving interest ranging from 3.5% to 7.75% on FDs to general customers while senior citizens are getting interest ranging from 4% to 8.25%. The highest interest is being given on FDs with tenure of 1 year to 2 years.

IDFC First Bank

New rates of IDFC First Bank are applicable from 16 October. The bank is offering interest ranging from 3% to 7.75% to its customers. The highest interest rate of 7.75% is being given by the bank on fixed deposits of 400 to 500 days duration.

Federal Bank

Federal Bank’s new FD rates are effective from October 16. The bank is offering interest rates ranging from 3% to 7.4% to its customers. The highest interest rate of 7.40% is being offered on FDs with a duration of 777 days.

Bank of Baroda

Bank of Baroda’s new FD rates are effective from October 14. The bank is giving interest ranging from 4.25 percent to 7.30 percent to its customers. Senior citizens are being given an extra 0.50 percent interest on FD.

Punjab National Bank

Punjab National Bank is offering FD rates ranging from 3.50% to 7.25% for tenures ranging from 7 days to 10 years for general customers. For senior citizens, the bank offers interest rates ranging from 4% to 7.75% and for super senior citizens, it offers interest rates ranging from 4.30% to 8.05%. These rates are effective from October 1, 2024.

Punjab & Sind Bank

Punjab & Sind Bank is offering FD rates ranging from 4% to 7.45% on callable deposits for tenures ranging from 7 days to 10 years for general citizens. The bank is offering the highest interest rate of 7.50% on non-callable deposits for tenures up to 555 days.

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The post New FD Rates: These 7 banks changed FD rates in October, opportunity to earn up to 8.8 percent interest first appeared on Rightsofemployees.com.

Prime Minister Narendra Modi has launched Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) for all citizens aged 70 years and above. This health insurance will benefit more than 6 crore people from about 4.5 crore families. In AB PMJAY, senior citizens will be able to get free treatment up to Rs 5 lakh in panel hospitals. Under AB-PMJAY, senior citizens will get a unique card. For this card, you will have to apply on the PMJAY website. Let us know the easy way to apply for Ayushman card and download it.

Prime Minister @narendramodi launches the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) to extend healthcare coverage to all citizens aged 70 years and above, regardless of socio-economic status.

This ensures accessible and affordable care for all senior citizens.… pic.twitter.com/vVLBR3219p

— PIB India (@PIB_India) October 29, 2024

How to download Ayushman card

1- First of all go to https://beneficiary.nha.gov.in/ for Ayushman Bharat Scheme.

2- Select the Beneficiary option.

3- After this login with your mobile number.

4- Verify the mobile number by entering the OTP received in text message on the phone.

5- After verification you will be redirected to a new page.

6- Here you have to select the scheme for which you want to apply.

7- After selecting PMJAY scheme here, enter your state, district and sub-scheme.

8- You can check whether you are eligible for Ayushman card or not by name, location, Aadhar card, family ID or PMJAY ID.

9- After the selection, a new page will pop up. Here you can see your family history and also know whether any member of your family has registered for this scheme or not.

10- Here you will get the download option next to the name of the registered family member.

11- After clicking on this, enter your Aadhar card details and mobile number.

12- After doing this, your Ayushman card will be downloaded in the phone.

13- With the help of QR code PMJAY ID given in the card, you can avail free medical benefits.

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The window for submission of life certificate (Jeevan Pramaan) for senior citizens has opened from 1st October. Although all pensioners can submit life certificate from 1st November to 30th November every year, but to meet the needs of super senior citizens above 80 years, the government has provided a period of two months from 1st October to 30th November for submission of life certificate. Life certificate has to be submitted every year to confirm that the pensioner is alive till that date.

Digital Life Certificate (DLC) is a biometric enabled Aadhaar-based digital life certificate. Life Certificate is a digital life certificate for pensioners that uses biometric data linked to their Aadhaar number. This certificate can be obtained by pensioners from the comfort of their homes, eliminating the need for them to visit banks.

How to submit 1- First of all, pensioners have to download the Jeevan Pramaan app from the portal. Apart from this, a pensioner has to submit his fingerprints using the tool required by UIDAI. 2- You can use an OTG cable to connect the fingerprint reader to the smartphone. There is a list of UIDAI-mandated devices on the Jeevan Pramaan website. Start the process like this

Step 1: First of all, Android users have to download the Jeevan Pramaan app from Playstore. After downloading, pensioners have to provide Aadhaar number, PPO number, bank account, bank name, mobile number.

Step 2: You will receive OTP. Enter OTP. Enter the name and email ID in the new screen and click on ‘Scan Finger’. Scan your finger print on a finger print scanner or scan your iris (eye) on an iris scanner connected to a PC/mobile/tab.

Step 3: Once the finger print/iris is authenticated, the system will display the message ‘Device Registration’ on the screen as shown in the screen below. Click OK.

Step 4: Authentication will be done and certificate will be generated. Enter Aadhaar and mobile number. Step

5: Enter OTP and click OK

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The post Life certificate: Senior citizens can submit life certificate from home, know the details first appeared on Rightsofemployees.com.

Most of the elderly do not like to take any kind of risk in terms of investment. They like to invest in such schemes from which they can get guaranteed returns.

For such elderly people, a scheme is run in the post office in which they are given a good amount of interest. The name of the scheme is Senior Citizen Savings Scheme. Through this scheme, if the elderly want, they can earn ₹ 12,30,000 from interest alone. Know how-

Know how much interest you are getting

Post Office Senior Citizen Savings Scheme is a deposit scheme. In this, a fixed amount is deposited for 5 years. Senior citizens can invest up to Rs 30,00,000 in this scheme, while the minimum investment limit is Rs 1000. At present, SCSS is getting interest at the rate of 8.2 percent.

This way you will get interest of ₹ 12,30,000

As we told you, you can deposit a maximum of Rs 30,00,000 in this scheme. If you invest this amount in this scheme, then in 5 years you will get an interest of Rs 12,30,000 at the rate of 8.2%. Every quarter, Rs 61,500 will be credited as interest. In this way, after 5 years, you will get a total of Rs 42,30,000 as maturity amount.

If you deposit Rs 15 lakh in this scheme for 5 years, then according to the current interest rate of 8.2 percent, you will get Rs 6,15,000 in 5 years as interest only. If you calculate the interest on quarterly basis, then you will get Rs 30,750 interest every three months. In this way, by adding Rs 15,00,000 and the interest amount of Rs 6,15,000, you will get a total of Rs 21,15,000 as maturity amount.

Who can invest

Any person who is 60 years of age or above can invest. Civil sector government employees taking VRS and those retiring from defense are given relaxation in age limit with some conditions. The scheme matures after 5 years. If you want to continue the benefits of this scheme even after 5 years, then after the deposit amount matures, you can extend the account period for three years. It can be extended within 1 year of maturity. The extended account gets interest at the rate applicable on the date of maturity. SCSS offers the benefit of tax exemption under section 80C.

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The post Post Office’s scheme is a superhit for senior citizens, will earn ₹ 12,30,000 only from interest in 5 years first appeared on Rightsofemployees.com.

FD provides liquidity because you can close it whenever you want and get the money in your bank account. Interest on FD is taxable. Currently, private and public sector banks are giving up to 7.75 percent interest to senior citizens on three-year FDs. Here we are telling about the interest being offered on three-year FDs of top 10 banks. Also, how much interest will be received on an investment of up to Rs 1,00,000.

Bank Of Baroda

Interest rate on three-year FD for senior citizens: 7.75%

Rs 1 lakh invested for three years will grow to Rs 1.26 lakh.

Axis Bank

Interest rate on three-year FD for senior citizens: 7.60%

Rs 1 lakh invested for three years will grow to Rs 1.25 lakh.

HDFC Bank, ICICI Bank and Punjab National Bank

Interest rate on three-year FD for senior citizens: 7.50%

Rs 1 lakh invested for three years will grow to Rs 1.25 lakh.

Canara Bank

Interest rate on three-year FD for senior citizens: 7.30%

Rs 1 lakh invested for three years will grow to Rs 1.24 lakh.

State Bank of India and Bank of India

Interest rate on three-year FD for senior citizens: 7.25%

Rs 1 lakh invested for three years will grow to Rs 1.24 lakh.

Union Bank Of India

Interest rate on three-year FD for senior citizens: 7%

Rs 1 lakh invested for three years will grow to Rs 1.23 lakh.

Indian Bank

Interest rate on three-year FD for senior citizens: 6.75%

Rs 1 lakh invested for three years will grow to Rs 1.22 lakh.

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The post FD Rates: 3 year FD is best for senior citizens, these 10 banks are giving more interest first appeared on Rightsofemployees.com.

Under this scheme, an account has to be opened at a post office or a bank. This scheme also saves tax. This scheme has been specially designed keeping senior citizens in mind.

Who can open an account

Any Indian above the age of 60 years can open an account under this scheme. Also, retired civilian employees above the age of 55 years and below the age of 60 years can also open an account, subject to the condition that they invest within 1 month of receiving retirement benefits. Also, retired defense personnel above the age of 50 years and below the age of 60 years can also open an account, subject to the condition that they invest within 1 month of receiving retirement benefits. The account can be opened in individual capacity or jointly with spouse only. The entire amount deposited in the joint account will be for the first account holder only.

How much interest do you get

According to the official website of India Post, Senior Citizen Savings Scheme account offers 8.2 per cent annual interest. The interest amount is payable from the date of deposit till 31 March / 30 September / 31 December and thereafter, on 1 April, 1 July, 1 October and 1 January.

The minimum starting amount will be Rs 1000

One can start investing in Senior Citizen Savings Scheme with a minimum of Rs 1000 and in multiples of 1000, up to a maximum of Rs 30 lakh. If any excess amount is deposited in the SCSS account, the excess amount will be refunded to the depositor immediately and only savings account interest rates will be applicable from the date of excess deposit to the date of withdrawal. Investment under this scheme is eligible for the benefit of section 80C of the Income Tax Act, 1961.

You can extend the account

The account holder can also extend the account for a period of 3 years from the maturity date by submitting the prescribed form along with the passbook to the concerned post office or bank. The account can be extended within 1 year of maturity. Note that the extended account will earn interest at the rate applicable on the maturity date.

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The post Senior citizens can invest up to ₹ 30,00,000 in this scheme, the returns are excellent, know the whole thing first appeared on Rightsofemployees.com.

Medicines and things needed for treatment will be available for free. Laboratory tests will be free. The wait of senior citizens aged 70 years and above waiting to get Ayushman Bharat card is over. It is reported that within a week they will start getting the benefit of coverage under Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY). News agency PTI has reported quoting sources that health coverage for senior citizens of all age groups aged 70 years and above under Ayushman Bharat is expected to start within a week. About 6 crore senior citizens will benefit from this scheme.

Registration will be done on PMJAY portal or Ayushman app

The agency report said that initially, registration of elderly people will be done on an experimental basis at selected places. Then later it will be expanded across the country. Sources said that this is an ‘application’ based scheme, for which people will have to register on PMJAY portal or Ayushman app. Sources said that any person aged 70 years or above will be eligible to apply for this scheme. There is no limit on their income in this. This scheme is for the elderly of all income groups.

Those who already have Ayushman card will have to apply again

The source also said that people who already have Ayushman card will have to apply for a new card again. Along with this, they will have to complete their e-KYC again. The official source said that there is no waiting period in this. Once the e-KYC is done, the use of Ayushman card will start immediately. Apart from this, if any state wants to expand or amend this scheme of the central government, then it depends on them.

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Coverage to Government Employees

The government has also said that if any senior citizen aged 70 years or above is availing benefits of other health insurance schemes like Central Government Health Scheme (CGHS), Ex-Servicemen Contributory Health Scheme (ECHS), Employees State Insurance Scheme (ESIS) and Central Armed Police Forces (CAPF), then they can also opt for this Ayushman Bharat scheme.

Health cover for those with private health insurance

If someone has taken a private health insurance policy and their age is 70 years or above, then they can also avail the benefit of Ayushman Bharat Scheme.

Coverage of elderly husband and wife in a single card

Not only this, if both the husband and wife in a family are 70 years or older, then they will also get the benefit of Ayushman Bharat Yojana. They can also avail the benefit of additional top-up of Rs 5 lakh by making Ayushman card. But, the condition in this is that separate cards will not be issued for husband and wife, the insurance cover of Rs 5 lakh will be the same for both husband and wife.

Many facilities from Ayushman card

Those who have Ayushman card can get free medical checkup as well as free treatment and consultation from the doctor. If hospitalization is required in any special situation, then they will not have to pay money. Medicines and things needed for treatment will be available for free. Laboratory tests will be free. If there is a problem in staying during treatment, then accommodation facility will also be provided. Along with accommodation, food will also be provided. After getting discharged from the hospital, care will be provided for free for a day.

Treatment of many diseases with Ayushman card

Under the Ayushman Bharat scheme, major and serious diseases are treated for free. Diseases like cancer are also covered under it. Apart from this, diseases related to heart, kidney, lungs, breathing, cataract etc. are treated for free. Citizens of the country can get their treatment done for free in more than 29,000 hospitals listed in the country.

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The post Ayushman Bharat enrollment for senior citizens to start in a week, check eligibility and application details first appeared on Rightsofemployees.com.

The central government has made a big change in the Ayushman Bharat scheme. Earlier this scheme did not include elderly people of all categories. Now all people above the age of 70 years will be able to take advantage of this scheme. Under this scheme, treatment up to Rs 5 lakh can be availed for free.

The central government has made this big announcement on Wednesday. Now the elderly aged 70 years and above will be included in the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY). The government said that about 4.5 crore families will benefit from this step. There are 6 crore elderly people in these families. They will get free health insurance up to Rs 5 lakh on the basis of family.

All senior citizens aged 70 years and above are eligible

The government said, ‘With this approval, all senior citizens aged 70 years and above, irrespective of their financial status, will be eligible to avail the benefits of AB PM-JAY. Eligible senior citizens will be issued a new separate card under AB PM-JAY. Senior citizens aged 70 years and above who belong to families already covered under AB PM-JAY will get an additional top-up cover of up to Rs 5 lakh per year for themselves (which they will not have to share with other family members who are below 70 years of age).’

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Elderly people who are already taking advantage of insurance plans have options

It further states that all other senior citizens aged 70 years and above will get a cover of up to Rs 5 lakh on a family basis. Senior citizens aged 70 years and above who are already availing benefits under other public health insurance schemes such as Central Government Health Scheme (CGHS), Ex-Servicemen Contributory Health Scheme (ECHS), Ayushman Central Armed Police Forces (CAPF) can either choose their existing scheme or opt for AB PMJAY. It has been clarified that senior citizens aged 70 years and above who are already availing benefits under private health insurance policies or Employees State Insurance Scheme will be eligible to receive benefits under AB PM-JAY. The

Bharatiya Janata Party (BJP) had promised in its Lok Sabha election manifesto that it would expand the Ayushman Bharat scheme to include all persons from the transgender community and senior citizens aged 70 years and above.

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This is the reason why now people are increasingly opening FD accounts in these small finance banks along with banks. Here we will talk about those small finance banks which are giving the highest interest on fixed deposits to senior citizens. Let us tell you that senior citizens are given 0.5 percent more interest on FDs than normal customers. But there is also a small finance bank which is giving 0.6 percent more interest to senior citizens than normal customers.

Jana Small Finance Bank

Jana Small Finance Bank is offering the highest interest rate of 8.75% to senior citizens on FD schemes with tenures of 365 days, 730 days and 1095 days.

Equitas Small Finance Bank

Equitas Small Finance Bank is offering the highest interest rate of 9.00% to senior citizens on FD scheme with tenure of 444 days.

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Utkarsh Small Finance Bank

Utkarsh Small Finance Bank is giving 0.6 percent more interest to senior citizens on FD scheme than general customers. This bank is giving the highest interest of 9.10% to senior citizens on FD schemes with tenure of 730 days to 1095 days and 1500 days.

Suryoday Small Finance Bank

Suryoday Small Finance Bank is offering the highest interest rate of 9.10% to senior citizens on fixed deposit schemes with tenures ranging from 2 years and 1 day to 3 years.

Unity Small Finance Bank

Unity Small Finance Bank is offering the highest interest rate of 9.50% to senior citizens on FD scheme with tenure of 1001 days.

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The post Highest FD Rate: These 5 banks are giving the highest interest on FD to senior citizens, check details first appeared on Rightsofemployees.com.

Highest FD Interest Rates for Senior Citizens: The business of all the small finance banks working in India is continuously growing. Small finance banks are giving more interest on FDs to their customers than commercial banks. This is the reason why now people are increasingly opening FD accounts in these small finance banks along with banks. Here we will talk about those small finance banks which are giving the highest interest on fixed deposits to senior citizens. Let us tell you that senior citizens are given 0.5 percent more interest on FDs than normal customers. But there is also a small finance bank which is giving 0.6 percent more interest to senior citizens than normal customers.

Jana Small Finance Bank

Jana Small Finance Bank is offering the highest interest rate of 8.75% to senior citizens on FD schemes with tenures of 365 days, 730 days and 1095 days.

Equitas Small Finance Bank

Equitas Small Finance Bank is offering the highest interest rate of 9.00% to senior citizens on FD schemes with tenures of 444 days.

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Utkarsh Small Finance Bank

Utkarsh Small Finance Bank is offering 0.6 percent more interest to senior citizens on FD schemes than general customers. This bank is offering the highest interest rate of 9.10% to senior citizens on FD schemes with tenures of 730 days to 1095 days and 1500 days.

Suryodaya Small Finance Bank

Suryodaya Small Finance Bank is offering the highest interest rate of 9.10% to senior citizens on fixed deposit schemes with tenures ranging from 2 years and 1 day to 3 years.

Unity Small Finance Bank

Unity Small Finance Bank is offering the highest interest rate of 9.50% to senior citizens on FD schemes with tenures ranging from 1001 days.

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The post Senior Citizens FD Rates: These 5 banks are giving the highest interest on FD to senior citizens, check interest rates here first appeared on Rightsofemployees.com.

Let’s know which banks are giving you how much interest.

1- North East Small Finance Bank

North East Small Finance Bank is offering 9.5 percent interest to senior citizens.

2- Suryodaya Small Finance Bank

Suryoday Small Finance Bank is giving 9.1 percent interest to senior citizens.

3- Utkarsh Small Finance Bank

Utkarsh Small Finance Bank is giving 9.1 percent interest to senior citizens.

4- Jana Small Finance Bank

Jan Small Finance Bank is giving 8.75 percent interest to senior citizens.

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5- Unity Small Finance Bank

Unity Small Finance Bank is giving 8.65 percent interest to senior citizens.

6- Equitas Small Finance Bank

Equitas Small Finance Bank is offering 8.5 percent interest to senior citizens.

7- AU Small Finance Bank

AU Small Finance Bank is giving 8 percent interest to senior citizens.

The post FD Rate: Senior citizens are getting interest up to 9.5%, see the complete list here first appeared on Rightsofemployees.com.

The Income Tax Department has exempted super senior citizens, i.e. people whose age is more than 80 years, from filing returns. But, it is mandatory for people aged between 60 and 80 years who fall in the category of senior citizens to file returns. But people whose age is 75 years or more and who have income only from pension or interest can file Form 12BBA through the bank (in which the pension money comes). They do not need to file income tax returns.

Higher exemption limit in old regime

The Income Tax Department has also given many additional concessions to senior citizens in terms of tax. In the old regime of income tax, the basic exemption limit for taxpayers above 60 years of age is Rs 3 lakh. For people above 80 years of age, it is Rs 5 lakh. In the new regime of income tax, the basic exemption limit is Rs 3 lakh for all types of taxpayers. Taxpayers whose total income is up to Rs 7 lakh get a rebate of Rs 25,000 under section 87A.

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Section 80c

In the old regime of income tax, senior citizens can take advantage of Senior Citizens Saving Scheme (SCSS). This scheme has been started especially for senior citizens. A person of 60 years or more can invest in this scheme. Retired civilian employees of 55 years and defense employees of 50 years can invest in this scheme. An investment of up to Rs 30 lakh in this scheme gets a deduction of up to Rs 1.5 lakh under section 80C. If the interest from all SCSS accounts exceeds Rs 50,000 in a financial year, then it is taxed. Currently, the interest rate of this scheme is 8.2 percent, which is paid every quarter.

Section 80D

Under this section, senior citizens get deduction on health policy premium. This deduction is Rs 50,000 in a financial year. If a taxpayer’s parents are 60 years or older, he can buy a health policy for them and claim deduction on the premium. Apart from this, if a senior citizen does not have a health policy, then he or his children can claim deduction on medical expenses up to Rs 50,000 under Section 80D for the treatment of their senior citizen parents.

Section 80TTB

Under this section, senior citizens get tax exemption on interest up to Rs 50,000 earned from savings account or fixed deposit. Interest above this amount is taxable.

The post ITR Filing: What concessions do senior citizens get in the matter of income tax? first appeared on Rightsofemployees.com.

If such a thought is in your mind too, then you should definitely consider the Post Office Senior Citizen Savings Scheme. Elderly people are given a good interest in this scheme. Know the important things related to this scheme here.

8.2% interest is being received

Post Office Senior Citizen Savings Scheme is a deposit scheme. In this, a fixed amount is deposited for 5 years. Senior citizens can invest up to Rs 30,00,000 in this scheme, while the minimum investment limit is Rs 1000. At present, SCSS is getting interest at the rate of 8.2 percent.

This way you will get interest of ₹ 12,30,000

As we told you, you can deposit a maximum of Rs 30,00,000 in this scheme. If you invest this amount in this scheme, then in 5 years you will get an interest of Rs 12,30,000 at the rate of 8.2%. Every quarter, Rs 61,500 will be credited as interest. In this way, after 5 years, you will get a total of Rs 42,30,000 as maturity amount.

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If you deposit 15 lakh rupees in this scheme for 5 years, then according to the current interest rate of 8.2 percent, you will get ₹ 6,15,000 in 5 years as interest only. If you calculate the interest on quarterly basis, then you will get ₹ 30,750 interest every three months. In this way, by adding 15,00,000 and the interest amount of 6,15,000, you will get a total of 21,15,000 rupees as maturity amount.

Who can invest

Any person who is 60 years of age or above can invest. Civil sector government employees taking VRS and those retiring from defense are given relaxation in age limit with some conditions. The scheme matures after 5 years. If you want to continue the benefits of this scheme even after 5 years, then after the deposit amount matures, you can extend the account period for three years. It can be extended within 1 year of maturity. The extended account gets interest at the rate applicable on the date of maturity. SCSS offers tax exemption under section 80C.

The post Post Office’s Superhit plan for Senior citizen, will give interest up to ₹ 12,30,000 in 5 years first appeared on Rightsofemployees.com.

The central government has seen a lot of focus on Indian Railways. In such a situation, it is expected that the central government can increase the allocation of railways. Now it has to be seen whether the government fulfills the long pending demand of senior citizens in the budget or not? Senior citizens used to get 50 percent discount on railway tickets before Kovid, but it was stopped during Kovid. Will the Modi government, which has come to power for the third time, announce 50 percent discount on train tickets to senior citizens again?

Senior citizens used to get 50% discount on train tickets till the end of 2019

IRCTC used to offer concessional fares on train tickets of Duronto, Shatabdi, Jan Shatabdi, Rajdhani, Mail and Express trains to senior citizens above 60 years of age and female senior citizens above 58 years of age until the end of 2019. While male senior citizens were eligible for a 40 percent concession, female senior citizens could avail a 50 percent discount on train tickets. IRCTC then offered concessional fares for senior citizens in all categories of special express trains.

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Will senior citizens get discount on train tickets again?

Till the end of 2019, senior citizens were getting 40 to 50 percent discount on the price of train tickets. If the first AC ticket of Rajdhani is Rs 4,000, then senior citizens used to get it for Rs 2,000 or Rs 2,300. Then in the end of 2019 and the beginning of 2020, Covid spread across the country and the whole world, after which this service stopped being available on IRCTC’s ticket booking window. Now senior citizens are demanding that they will get this special discount again in the budget. It is believed that Finance Minister Nirmala Sitharaman can make an announcement about this in the budget.

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Interest rates on bulk FD of BOI Bank..

Minimum Deposit Amount for above maturities and bucket is Rs.10,000/- except court orders/special deposit categories
# Senior Citizen- Age 60 years or above but less than 80 years,
## Super Senior Citizen- Age 80 Year & above.

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This year the last date for filing income tax return is 31st July. If you are also preparing to file your return then it is important for you to know which income is taxed and which is not. By knowing this, you will not only be able to file your return correctly but will also save tax. Today we are telling you about those 10 incomes on which you do not have to pay income tax. Let us know about them.

1. Agricultural Income: Income from agriculture in India is completely exempt from income tax. This exemption is not only on the sale of crops, but it also includes rent received from agricultural land or buildings and profit earned from buying or selling agricultural land.
2. Interest income from NRE accounts: NRE accounts offer benefits such as tax-free interest on NRE deposits. NRIs can also transfer funds to their native place through NRE accounts.
3. Gratuity: In the private sector, employees who receive gratuity amount up to Rs 20 lakh on retirement are not required to pay income tax. 

Also Read: Why should the Finance Minister increase the 80C limit in Budget 2024?

1. Capital gains: Some capital gains are also tax-free. Individuals who receive compensation for urban agricultural land do not have to pay income tax.
2. Profit from Partnership Firm: Under the Income Tax Act, the income of a partnership firm is taxed at the entity level. Partners working for the firm do not pay income tax as they get a share of the profit after paying taxes. 
3. Scholarship: Students who receive scholarships from government and private institutions for their studies are exempted from income tax.
4. Provident Fund: Provident funds, mandatory savings schemes for companies registered under the Companies Act, 1956 in India, grow with age and become tax-free upon your retirement from the job. Employee Provident Fund offers tax-free returns, provided the employee has actively contributed for more than 5 years, even if they have changed employers during this period.
5. Tax-free pension: Pensions from certain organisations, such as the UNO, are exempt from tax. Family pensions received by dependents of employees are also tax-free.
6. Voluntary retirement: The amount received on voluntary retirement before retirement is exempt from tax up to Rs 5 lakh. Gifts received from relatives or on the occasion of marriage are also exempt from tax. 
7. Allowances or any compensation: Certain allowances are exempt from tax for any individual in India. For example, the foreign allowance provided by the Government of India to its employees working abroad is tax-free. Additionally, compensation received from Public Sector Undertaking (PSU) companies on voluntary or retirement is also exempt from tax. 

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A large number of trains are run by the Indian Railways, which is called the backbone of the country. Many rules have been made by the Railways to make the journey of the people pleasant. At the same time, many types of facilities have also been provided. Before the arrival of the Corona virus epidemic, senior citizens used to get a discount in fare while traveling by train. After the lockdown, this discount given to senior citizens has been stopped. Since then, senior citizens have been pleading to restart the fare concession in the railways.

In such a situation, it is expected that Indian Railways can restore this exemption soon. If the Railway Ministry considers this appeal, then senior citizens can get exemption once again.

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40 to 50 percent discount was available on rent

According to media reports, before the coronavirus pandemic, senior citizens used to get a discount in railway fares. In this, 50 percent discount was provided to female senior citizens and 40 percent discount was provided to male senior citizens. After the discontinuation of this discount, at present, senior citizens also have to pay the full fare like a common man. According to the rules of the Railways, men above 60 years of age are counted in the category of senior citizens. On the other hand, if we talk about women, then women above 58 years of age are considered senior citizens by the Railways.

There is a possibility of getting discount in sleeper class

It is also being said that the railways can give concessions to senior citizens in sleeper class. The reasoning behind this is that people from the affluent class do not travel in this category. In such a situation, keeping the needy in mind, this concession can be given in sleeper class. However, no official statement has been issued by the Indian Railways and the Central Government in this regard so far.

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SBI Bank is running Sarvottam scheme for senior citizens. SBI is offering higher interest rate of 7.90% in Sarvottam scheme. However, there are many rules which investors have to fulfill. Money cannot be withdrawn prematurely in SBI Sarvottam scheme. These are non-callable schemes in which money cannot be withdrawn prematurely. If money is withdrawn prematurely, then a charge will have to be paid.

Interest on SBI Best FD Scheme

SBI’s Sarvottam plan is offering higher interest as compared to PPF, NSC and post office saving schemes. The biggest advantage of this SBI plan is that it is a scheme for one year and two years only. This means that you can create a big fund in a short time. In SBI Sarvottam plan, customers are getting 7.4 percent interest on 2-year deposit i.e. FD. This interest rate is for the general public. Whereas, senior citizens are getting 7.90 percent interest on this plan. Whereas, the general public is getting 7.10 percent and senior citizens are getting 7.60 percent interest on one year investment.

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Customers will get the benefit of compound interest

For senior citizens, the annual yield on the best 1-year deposit of Rs 15 lakh to Rs 2 crore is 7.82 percent. Whereas, the yield for two-year deposits is 8.14 percent. On bulk deposits of Rs 2 crore to Rs 5 crore, SBI is offering senior citizens 7.77 percent interest for 1 year and 7.61 percent for 2 years. Compound interest is available in this scheme.

You can invest this much money

In SBI Sarvottam scheme, customers can invest from a minimum of Rs 15 lakh to Rs 2 crore. This scheme is best for those who have retired and have money from PF fund. They can invest in this scheme of SBI. There is also an option to invest more than Rs 2 crore in it but the interest is 0.05 percent less. However, there is no information on the website about how long money can be invested in this scheme.

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The central government is running many types of schemes to provide financial assistance to the country. There are schemes for everyone from women to senior citizens. Most of the government schemes are run by the post office. One such scheme is being run through the post office, which will give Rs 2.32 lakh in just 2 years. This scheme comes under the Small Savings Scheme.

There is almost no risk in all the schemes run under the post office. Apart from this, you get the benefit of tax benefits, monthly income and guaranteed returns. Some schemes are for retirement, which guarantee financial help when you retire. Today we are going to tell you about the Mahila Samman Saving Certificate scheme of the post office. Let us know the complete details about it.

What is Mahila Samman Saving Certificate Scheme?

Mahila Samman Saving Certificate Scheme was started by the government to provide financial assistance to women. Under this scheme, you can deposit from Rs 1000 to Rs 2 lakh. The amount deposited should be in multiples of 100 only. Many accounts can be opened under this scheme, but the maximum deposit amount should not exceed Rs 2 lakh. There should be a gap of 3 months between the date of opening the second account under this scheme.

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How much interest will you get?

In this scheme, the interest rate is given at the rate of 7.5% per annum. However, the interest is credited on a three-monthly basis. The maturity period of this scheme is only 2 years. However, a maximum of 40% of the remaining amount can be withdrawn after one year from the date of deposit. The facility of partial withdrawal is available only once before maturity.

You will get Rs 2.32 lakh on maturity.

If you invest a maximum of Rs 2 lakh in this scheme, then at the rate of 7.50 percent interest, you will get an interest of Rs 32044. In this way, a total of Rs 2,32044 will be given on maturity in two years.

Terms and conditions of the scheme

If the account holder dies, the nominee or family members can withdraw this deposit amount. In case of life-threatening diseases, the amount can be withdrawn for medical assistance. After withdrawing the money, you can also close the account. Closing the account is allowed after 6 months of opening the account. In such a case, you will be given the amount at 2 percent less interest.

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Another advantage of FD is that you can invest in it for a term ranging from 45 days to 10 years. Different interest rates are given for different terms. Most banks offer 0.50% interest to senior citizens on FDs. But SBI is giving 1% extra interest to the elderly on an FD. In such a situation, they can get a good profit. Know about it here-

You will get benefit in this special scheme

We are talking about the WeCare FD scheme. The purpose of this special scheme of SBI is to secure the income of senior citizens by giving them additional interest on fixed deposits. Investment can be made in this for 5 years and 10 years. Currently, senior citizens are getting up to 7.50 percent interest on SBI’s WeCare scheme. But if you withdraw the money before time, then you will not be given the benefit of additional interest.

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Loan facility also

For this special fixed deposit of SBI, interest is paid at monthly, quarterly intervals. Interest is deposited in the customer’s account after deducting TDS. Senior citizens are also given the benefit of loan on this scheme. But if you want to invest in this scheme, then let us tell you that the benefit of the scheme can be availed only till 30 September 2024.

Why do banks give higher interest to senior citizens

Most banks include senior citizens in the list of priority customers. Banks consider them to be long term investors of low risk category. In such a situation, banks encourage senior citizens to invest by offering them higher interest rates. Due to higher interest rates, more and more elderly people invest money in that bank and the bank benefits from this.

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They want to invest this savings in a place where they get high returns and their invested amount is completely safe. This is the reason why most senior citizens invest money in FDs in banks. Many banks also give 50 percent more interest to senior citizens to encourage their FD investment.

If you are also thinking of investing your retirement capital in a safe place, then this time invest in a post office scheme instead of a bank FD. A special scheme is run in the post office for senior citizens, called Senior Citizen Savings Scheme. In this scheme, they are given a good interest, with the help of which senior citizens can increase their savings rapidly.

The amount is deposited for 5 years

Senior Citizen Savings Scheme is a deposit scheme. In this, money is deposited for 5 years. Any person whose age is 60 years or more can invest. On the other hand, civil sector government employees taking VRS and people retiring from defense are given relaxation in age limit with some conditions.

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8.2% interest and tax exemption too

SCSS is currently giving an interest rate of 8.2 percent. Senior citizens can invest up to Rs 30,00,000 in this scheme, while the minimum investment limit is Rs 1000. In this scheme, interest is paid on the deposit amount on a quarterly basis. The scheme matures after 5 years. If you want to continue the benefits of this scheme even after 5 years, then after the deposit amount matures, you can extend the account period for three years. It can be extended within 1 year of maturity. The extended account gets interest at the rate applicable on the date of maturity. SCSS offers the benefit of tax exemption under section 80C.

This is how 15 lakhs will become ₹21,15,000

If you want to increase your savings rapidly, then this scheme can prove to be a better option. In this scheme, if you deposit Rs 15 lakh from your savings for 5 years, then according to the current interest rate of 8.2 percent, you will get Rs 6,15,000 in 5 years as interest only. If you calculate the interest on quarterly basis, it will be Rs 30,750. In this way, by adding Rs 5,00,000 and the interest amount of Rs 6,15,000, you will get a total of Rs 21,15,000 as maturity amount.

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In such a situation, if you are also planning for retirement and want to get good interest on your deposits, then there is good news for you! Many banks are offering special schemes to senior citizens, in which they get more interest than regular customers. Today we will tell you about some such banks, where senior citizens are getting the highest interest on FD.

State Bank of India (SBI)

SBI is offering the highest interest of 7.30% on 400 day Amrit Kalash Scheme. At the same time, 7.25% interest is available on one year FD, 7.25% interest on three year FD and 7.50% interest on five year FD.

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Punjab National Bank (PNB)

PNB is offering a high interest rate of 7.75% on 400-day FDs. At the same time, 7.25% interest is being given on one-year FDs, 7.50% on three-year FDs and 7.00% on five-year FDs.

Bank Of Baroda

Bank of Baroda is giving the highest interest rate of 7.75% on 2-3 year FDs. Whereas, 7.35% interest is being given on one year FD, 7.75% on three year FD and 7.15% on five year FD.

Canara Bank

Canara Bank is offering high interest rate of 7.35% on 444 day FD. At the same time, 7.35% interest is available on one year FD, 7.30% interest on three year FD and 7.20% interest on five year FD.

HDFC bank

HDFC Bank is giving the highest interest rate of 7.75% on FDs of tenures less than 5 years 1 day to 10 years and 18 months to 21 months. At the same time, 7.10% interest is being given on one year FD, 7.50% interest is being given on three year and five year FD.

ICICI Bank

ICICI Bank is offering a high interest rate of 7.75% on FDs of 15 months to 2 years. At the same time, 7.20% interest is being given on one year FD, 7.50% interest is being given on three year and five year FD.

Kotak Mahindra Bank

Kotak Mahindra Bank is offering the highest interest of 7.90% on FDs of tenure ranging from 390 days to less than 23 months. At the same time, 7.60% interest is being given on one year and three year FD, while 6.70% interest is being given on five year FD.

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Let us tell you that SBI has now increased the interest rate on FDs with tenure of 46 to 179 days by 25 to 75 basis points (bps). Because of which you will now get more interest than the earlier interest rate. Earlier, State Bank of India (SBI) had increased the interest rates on Fixed Deposit (FD) last year on December 27, 2023.

SBI offers different FD interest rates depending on the tenure of investment. Let us know what are the new interest rates of SBI (latest SBI FD Rates 2024) after this change….

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SBI’s new interest rates for common people

7 days to 45 days – 3.50%
46 days to 179 days – 5.50% (earlier 5.25%)
180 days to 210 days – 6.00%
211 days to less than 1 year – 6.25%
1 year to less than 2 years – 6.80%
2 1 year to less than 3 years – 7.00% (highest interest rate)
3 years to less than 5 years – 6.75%
5 years to 10 years – 6.50%

Special benefit for senior citizens

Senior citizens (SBI FD Rates for Senior Citizens) get additional benefits on SBI FD. They are given 50 basis points more interest than the common people. After the increase in interest rates, now senior citizens can get 4% to 7.5% interest on FD of 7 days to 10 years. These rates are only for Indian resident senior citizens.

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New interest rates on FD for senior citizens

7 days to 45 days: 4%
46 days to 179 days: 6.00%
180 days to 210 days: 6.50%
211 days to less than 1 year: 6.75%
1 year to less than 2 years: 7.30%
2 years to 3 years Less: 7.50% (highest interest rate)
3 years to less than 5 years: 7.25%
5 years to 10 years: 7.50%

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Senior Citizen Saving Scheme (SCSS) is a special savings scheme of the Government of India for senior citizens. This scheme gives guaranteed returns to senior citizens. Besides, investment in it is also completely safe. Not only this, if you invest in Senior Citizen Saving Scheme, you also get the benefit of tax exemption for it. Under this scheme you can open an account in bank or post office.

Who can open an account

Under the Senior Citizen Savings Scheme, a person above 60 years of age can open an account. Additionally, retired civilian employees above 55 years of age and below 60 years can also open an account subject to the condition that the investment is made within 1 month of receipt of retirement benefits. The account can be opened only in individual capacity or jointly with spouse. Keep in mind here, the entire amount deposited in the joint account will belong only to the primary account holder.

How much amount can be invested

Senior citizens can invest at least Rs 1000 in the savings scheme. Also, you can deposit a maximum of Rs 30 lakh in this scheme in multiples of 1000. If any additional amount is deposited in the SCSS account in the Post Office, the excess amount will be immediately returned to the depositor and the interest rate on Post Office Savings Account only will be applicable from the date of excess deposit till the date of refund.

Returns in the scheme

Senior Citizen Saving Scheme offers 8.2% annual interest. In the first instance, interest will be payable from the date of deposit till 31st March/30th September/31st December and thereafter interest will be payable on 1st April, 1st July, 1st October and 1st January. For example, if you invest Rs 10,000, you get interest of Rs 205 on quarterly basis. If the total interest in all SCSS accounts exceeds Rs 50,000/- in a financial year then the interest is taxable and TDS will be deducted at the prescribed rate from the total interest paid. If Form 15G/15H is submitted and the interest earned does not exceed the prescribed limit then no TDS will be deducted.

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Bank FD Interest Rate: The biggest power that senior citizens have is their savings, hence they look for ways of investment where they can get guaranteed and better returns. For most senior citizens, fixed deposit i.e. FD is an excellent means of investment. Generally, Small Finance Banks offer higher interest on FD as compared to big government and private banks. Recently Suryoday Small Finance Bank has increased its interest rates on FD.

Bank FD Interest Rate: Suryoday Small Finance Bank (SSFB) has increased the interest rates on FDs of select tenures with amounts less than Rs 2 crore. The bank has increased the interest rate on 25 month FD by 0.41 percent. The new interest rates of Suryoday Small Finance Bank have become effective from March 1, 2024.

Bank FD Interest Rate: Interest rate increased from 4 percent to 9.25 percent

After this change, now Suryoday Small Finance Bank is offering interest rates ranging from 4 percent to 9.01 percent on FD to common citizens. At the same time, the bank is offering interest rates ranging from 4.50 percent to 9.25 percent to senior citizens.

Bank FD Interest Rate: Interest rate up to 7.75 percent on savings account

The bank is also offering interest rates up to 7.75 percent to its savings account customers in the slab of Rs 5 to Rs 25 crore.

Bank FD Interest Rate: Suryoday Small Finance Bank FD Rates (Less than Rs 2 Crore)

• 7 days to 14 days: For general public – 4.00 per cent; For senior citizens – 4.50 percent
• 15 days to 45 days: For general public – 4.25 percent; For senior citizens – 4.75 percent
• 46 days to 90 days: For general public – 4.50 per cent; For senior citizens – 5.00 percent
• 91 days to 6 months: For general public – 5.00 per cent; For senior citizens – 5.50 percent
• Above 6 months – 9 months: For general public – 5.50 percent; For senior citizens – 6.00 percent
• Above 9 months – Less than 1 year: For General Public – 6.00 per cent; For senior citizens – 6.50 percent
• 1 year: For general public – 6.85 percent; For senior citizens – 7.35 percent
• Above 1 year – 15 months: For general public – 8.25 percent; For senior citizens – 8.75 percent
• Above 18 months – 2 years: For general public – 8.50 percent; For senior citizens – 9.00 percent
• Above 2 years – 2 years 1 day: For general public – 8.60 per cent; For senior citizens – 9.10 percent
• 2 years 2 days: For general public – 8.65 percent; For senior citizens – 9.10 percent
• 2 years 3 days to less than 25 months: For general public – 8.60 percent; For senior citizens – 9.10 percent
• 2 years 1 month (25 months): For general public – 9.01 percent; For senior citizens – 9.25 percent

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The biggest power that senior citizens have is their savings, hence they look for ways of investment where they can get guaranteed and better returns. For most senior citizens, fixed deposit i.e. FD is an excellent means of investment. Generally, Small Finance Banks offer higher interest on FD as compared to big government and private banks. Here we are going to tell about some small finance banks which provide more than 9 percent interest rates on FD to senior citizens.

Equitas Small Finance Bank

Equitas Small Finance Bank offers FD interest rates ranging from 4 percent to 9 percent to general customers for periods between 7 days to 10 years. The highest interest rate of 9 percent is being offered on FD maturing in 444 days. Senior citizens get 0.50 per cent extra over the rates offered to general investors. These rates are applicable from August 21, 2023.

Fincare Small Finance Bank

Fincare Small Finance Bank is offering FD interest rates to senior citizens ranging from 3.60 percent to 9.21 percent for tenure between 7 days to 10 years. Highest interest rate of 9.21 percent on FD maturing in 750 days. Are being offered. These rates are applicable from October 28, 2023.

Jana Small Finance Bank

Jana Small Finance Bank is offering interest rates ranging from 3.50 percent to 9 percent to senior citizens for tenures between 7 days to 10 years. The highest interest rate of 9 percent is offered on FDs maturing in 365 days. These rates are applicable from January 2, 2024.

Suryoday Small Finance Bank

Suryoday Small Finance Bank is offering interest rates ranging from 4.50 percent to 9.10 percent to senior citizens for tenures between 7 days to 10 years. The highest interest rate of 9.10 percent is offered on FDs maturing in 2 years and 2 days. These rates are applicable from December 22, 2023.

Unity Small Finance Bank

is offering FD interest rates ranging from 4.50 percent to 9.50 percent to senior citizens for maturing periods between 7 days to 10 years. The highest interest rate of 9 percent is offered on FDs maturing in 1001 days. These rates are applicable from February 2, 2024.

Utkarsh Small Finance Bank

Utkarsh Small Finance Bank is offering interest rates ranging from 4.60 percent to 9.10 percent to senior citizens for a tenure between 7 days to 10 years. The highest interest rate of 9.10 percent is offered on FDs maturing between two years to three years. These are applicable from 21st August 2023.

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Everyone is advised to invest a part of their income. So that future needs can be met. Many investment options are available in the market. But there are some options which also involve market risk.

FD (FD Interest Rate) is considered the safest option among investment options. Because there is no market risk in it. Apart from this, returns are also received at a fixed interest rate within the stipulated time. Senior Citizens (Senior Citizen FD Interest Rate) get more interest on FD than normal people.

These banks are giving the highest interest on FD to senior citizens (Senior Citizen FD Interest Rate)-

Bank of Baroda (Bank of Baroda FD Interest Rate)-

This bank gives interest at the rate of 7.75 percent on three-year FD. This bank gives the highest interest on FD to senior citizens. Senior citizens will get Rs 1.26 lakh in three years on an investment of Rs 1 lakh.

Axis Bank (Axis Bank FD Interest Rate)-

This bank gives interest at the rate of 7.60 percent on FD to senior citizens. An investment of Rs 1 lakh made for three years will increase to Rs 1.25 lakh.

Punjab National Bank (Punjab National Bank FD Interest Rate)-

These banks give returns to senior citizens on three-year FD with an interest rate of 7.50 percent. After three years the return will increase to Rs 1.25 lakh.

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FD Rates: If you are a senior citizen and looking for investment options then FD scheme can be a good option. We are telling you about top-5 such banks in which you can get strong returns by investing FD.

HDFC Bank is offering 7.10 percent interest to senior citizens on tenures ranging from one year to 15 months. At the same time, the bank is offering 7.60 percent interest rate on FD scheme of 15 to 18 months and 7.50 percent interest rate on FD scheme of 18 months to 2 years and 11 months.

ICICI Bank is offering 7.25 percent interest rate to senior citizens on FD scheme of one year to 15 months and 7.05 percent interest rate on FD scheme of 15 months to 2 years.

State Bank of India, the country’s largest bank, is offering FD scheme of one year to two years at 7.30 percent interest rate to its customers. Whereas for 2 to 3 years FD scheme, 7.5 percent interest is being offered by the bank. Under Amrit Kalash Scheme, the bank is offering 7.60 percent interest rate to senior citizens on 400 day FD scheme.

Bank of Baroda is offering 7.35 percent interest rate on FD scheme to senior citizens for 1 to 2 years. At the same time, the bank is offering 7.75 percent interest rate on FD scheme of 2 to 3 years.

Big private sector bank Kotak Mahindra Bank is offering 7.65 percent interest rate on 390 day FD scheme. Whereas the bank is offering 7.80 percent interest rate on 23 month FD scheme.

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Bank of Baroda

Bank of Baroda is offering interest at the rate of 7.75 percent on three-year FD. Among public sector banks, Bank of Baroda is giving the highest interest to senior citizens. The amount of Rs 1 lakh invested now will grow to Rs 1.26 lakh in three years.

Axis Bank

Axis Bank is offering interest at the rate of 7.60 percent on three-year FD to senior citizens. The amount of Rs 1 lakh invested now will grow to Rs 1.25 lakh in three years.

HDFC Bank

HDFC Bank, ICICI Bank and Punjab National Bank offer interest rates of 7.50 percent on three-year FDs. The amount of Rs 1 lakh invested now will grow to Rs 1.25 lakh in three years.

Canara Bank

Canara Bank gives 7.30 percent interest on three-year FD to senior citizens. The amount of Rs 1 lakh invested now will grow to Rs 1.24 lakh in three years.

State Bank of India (SBI)

State Bank of India (SBI) is giving 7.25 percent interest on three-year FD to senior citizens. The amount of Rs 1 lakh invested now will grow to Rs 1.24 lakh in three years.

Bank of India

Bank of India and Union Bank of India offer interest at the rate of 7 percent on three-year FD. The amount of Rs 1 lakh invested now will grow to Rs 1.23 lakh in three years.

Indian Bank

Indian Bank is giving interest at the rate of 6.75 percent on three-year FD to senior citizens. The amount of Rs 1 lakh invested now will grow to Rs 1.22 lakh in three years.

Reserve Bank of India

Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the Reserve Bank of India (RBI), provides investment guarantee on FDs up to Rs 5 lakh. In simple words, it means that your investment up to Rs 5 lakh in fixed deposit is completely safe.

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20 percent on booking for these cities

Reportedly, as an ongoing initiative under the Darshan Destination Offer, Cleartrip and Flipkart Travel are also launching special fares on flights, hotels and buses to various religious destinations. Travelers can avail 20% discount on bus, hotel and flight bookings to some of the iconic spiritual destinations of India including Ayodhya, Madurai, Tirupati, Amritsar, Bhopal, Shirdi, Bodh Gaya, Kochi, Katra (Jammu), PTI reported. Are. This initiative will be an emerging proposition to offer discounted fares in flights, hotels and buses to the devotees.

Overall 1500% increase in searches for Ayodhya

Cleartrip and Flipkart Travel have seen a combined 1500% increase in searches for Ayodhya across platforms, the report said. Speaking on the occasion, Cleartrip CEO Ayyappan Rajagopal said that as a customer-centric company, Cleartrip caters to the growing needs of our user base. We understand that spiritual journeys are at the heart of our culture, rooted in age-old traditions. As more people seek out these meaningful journeys, we want to make these experiences more accessible and affordable.

20% discount available on hotels and buses

Through customer-centric initiatives like Darshan Destinations, Cleartrip and Flipkart Travel will continue to deliver a seamless blend of affordability, accessibility and a better travel experience, which users across the board want. Cleartrip is also offering flat 20% off on domestic flights for senior citizens only, in addition to senior citizen concessional fares to the above destinations, 20% off on hotels and buses to the above destinations for all travellers. Flipkart is offering 20% ​​discount on all domestic flights and hotels to the above mentioned destinations for all Yatra users.

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1. Yes Bank

Private sector bank Yes Bank is offering maximum interest of 8.25 percent on FD to senior citizens.

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Bank of Baroda

Bank of Baroda is offering interest at the rate of 7.75 percent on three-year FD. Among public sector banks, Bank of Baroda is giving the highest interest to senior citizens. The amount of Rs 1 lakh invested now will grow to Rs 1.26 lakh in three years.

Axis Bank

Axis Bank is offering interest at the rate of 7.60 percent on three-year FD to senior citizens. The amount of Rs 1 lakh invested now will grow to Rs 1.25 lakh in three years.

HDFC Bank

HDFC Bank, ICICI Bank and Punjab National Bank offer interest rates of 7.50 percent on three-year FDs. The amount of Rs 1 lakh invested now will grow to Rs 1.25 lakh in three years.

Canara Bank

Canara Bank gives 7.30 percent interest on three-year FD to senior citizens. The amount of Rs 1 lakh invested now will grow to Rs 1.24 lakh in three years.

State Bank of India (SBI)

State Bank of India (SBI) is giving 7.25 percent interest on three-year FD to senior citizens. The amount of Rs 1 lakh invested now will grow to Rs 1.24 lakh in three years.

Bank of India

Bank of India and Union Bank of India offer interest at the rate of 7 percent on three-year FD. The amount of Rs 1 lakh invested now will grow to Rs 1.23 lakh in three years.

Indian Bank

Indian Bank is giving interest at the rate of 6.75 percent on three-year FD to senior citizens. The amount of Rs 1 lakh invested now will grow to Rs 1.22 lakh in three years.

Reserve Bank of India

Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the Reserve Bank of India (RBI), provides investment guarantee on FDs up to Rs 5 lakh. In simple words, it means that your investment up to Rs 5 lakh in fixed deposit is completely safe.

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Days after the country’s largest bank SBI increased the interest rates on some fixed deposits, state-owned Bank of Baroda (BoB) has increased the interest rates on fixed deposits (FDs) for different maturity periods by up to 1.25 per cent. Has given. According to Bhasha news, BOB said in a statement that from December 29, 2023, the interest rate on fixed deposits up to Rs 2 crore on various maturity periods was increased from 0.10 percent to 125 basis points.

The increased interest rates are applicable on deposits of less than Rs 2 crore. According to the stock exchange filing, the increase in interest rates will mainly apply to FDs with short time maturity. FD rates are especially applicable for maturities with tenure of less than one year. Bank of Baroda has increased the interest rates on FDs with maturity between seven days to 14 days from 3% to 4.25%. The bank is giving 4.75% interest to senior citizens on the same period. Earlier this interest rate was 3.50 percent.

There will be benefit on short maturity

Similarly, the interest rate on FDs with maturity between 15 days to 45 days has been increased from 3.50% to 4.50%. Senior citizens are being offered an interest rate of 5% for this tenure, earlier it was 4%. The increase in interest rates on short maturity FDs will benefit investors who deposit money in short maturity FDs. Both existing and new customers can take advantage of the new rate offered by the bank.

New interest rates of Bank of Baroda

Before this, interest rates have been increased by SBI and Axis Bank. SBI has increased the interest rate for FDs maturing in 45 days by 50 basis points. Before this, Bank of India, DCB Bank and Federal Bank have also increased the interest rates.

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SBI increased FD rates

After this increase in interest rates, SBI has increased the interest rates on FDs of 7 days to 45 days by 50 basis points to 3.50 percent, on FDs of 46 days to 179 days by 25 basis points to 4.75 percent, on FDs of 180 days to 210 days it has increased the interest rates on FDs by 50 basis points to 3.50 percent. Interest rates on FDs have increased by 50 basis points to 5.75%, interest rates on FDs of tenure between 211 days to less than 1 year have increased by 25 basis points to 6% and interest rates on FDs of tenure between 3 years to 5 years have increased by 25 basis points to 6.75%. Is done.

Now customers will get this much interest on FD

That is, after this increase in interest rates, customers will get 3.50% on FD of 7 days to 45 days, 4.75% on FD of 46 days to 179 days, 5.75% on FD of 180 days to 210 days, 211 days to 1 year. 6% on FDs of less than 1 year, 6.80% on FDs of 1 year to 2 years, 7% on FDs of 2 years to less than 3 years, 6.75% on FDs of 3 years to less than 5 years and 6.50% interest will be available on FD from 5 years to 10 years.

Senior citizens will get additional 50 basis points interest

On the other hand, State Bank of India will offer 50 basis points more interest rate to its senior citizen customers after the increase in interest rates. This means that now SBI will give 4% to 7.50% interest to its senior citizen customers for FD of 7 days to 10 years. Let us tell you that earlier SBI had changed its FD rates in the month of February.

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Let us tell you that under the Inspire facility of Bandhan Bank, you will get the benefit of interest at the rate of 8.35 percent per annum on FD of 500 days. The bank has issued a statement regarding this.

The bank issued a statement

The bank has said in the statement that ‘Inspire’ will also provide an advanced banking experience along with health care benefits. It will extend existing benefits like preferential interest rates, priority banking services and doorstep banking facilities to the bank’s ‘Senior Citizen Customers’.

7.5 percent interest on tax saving FD

Bandhan Bank is offering attractive interest rates on fixed deposits to senior citizens. Senior citizens can avail interest up to 8.35 percent for a period of 500 days. Apart from this, senior citizens can avail the benefit of 7.5 percent per annum on tax saver FD.

Sujoy Roy said this

Sujoy Roy, Head of Branch Banking, Bandhan Bank, said that we recognize the importance and need of financial independence at every age. Bandhan Bank has come up with this carefully designed benefit offering for senior citizens.

These facilities will be available from doctor consultation at cheap rates.

Bandhan Bank said that you will get many special benefits under the ‘Inspire’ program. In this you will get the benefit of special discounts on purchase of medicines, diagnostic services and medical treatment. Apart from this, you will also get the benefit of discount on doctor consultation. There will also be discounts on medical checkups, dental care and healthcare service providers.

Senior citizens talk directly to bank officials

Along with this, it is also planning to include additional features like direct access to phone banking officer to ease the banking experience of senior citizen customers.

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Now senior citizens are demanding up to 50 percent discount on train tickets in the budget. He is hoping that the government will start giving him this relaxation again. Elections are going to be held in the country after the budget next year, so it is expected that this time the government can announce discount in train tickets for senior citizens in the budget.

Exemption was available till the end of 2019

In India, IRCTC used to offer concessional fares in all categories of special express trains for senior citizens. Till the end of 2019, IRCTC used to provide fare concession to senior citizens above 60 years of age and female senior passengers aged 58 years and above on train tickets of Duronto, Shatabdi, Jan Shatabdi, Rajdhani, Mail and Express trains. While male senior citizens were eligible for a concession of 40 per cent, female senior citizens could avail 50 per cent discount on train tickets.

Demand of senior citizens to get discount on train tickets again

By the end of 2019, senior citizens could get 40 to 50 percent discount on train ticket prices. If the first AC ticket of Rajdhani is Rs 4,000, then the senior citizen could get it for Rs 2,000 or Rs 2,300.

Then at the end of the year 2019 and the beginning of the year 2020, Covid spread in the country and the whole world, after which this service stopped being available on the ticket booking window of IRCTC. Now senior citizens are hoping that they will get this special discount again in the budget.

Finance Minister Nirmala Sitharaman will announce in the budget

Union Finance Minister Nirmala Sitharaman will present the budget (Union Budget 2024) for the sixth time on 1 February 2024. Nirmala Sitharaman is going to present the last budget of the second term of the Modi government because after that Lok Sabha elections are going to be held across the country.

In such a situation, the government can make announcements to cash in on its vote bank, especially senior citizens. However, Finance Minister Nirmala Sitharaman has said that no major announcements will be made in the budget but the government can definitely make some special announcements for its vote bank.

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This is the reason why SBI is offering higher interest rate of 7.90 percent in SBI Sarvottam scheme to attract customers for investment. However, there are many rules that need to be fulfilled.

Interest on SBI best FD scheme

The best scheme of SBI is offering higher interest than the savings schemes of PPF, NSC and Post Office. The biggest advantage of this scheme of SBI is that it is only one year and 2 year scheme. That means, you can raise a big fund in a short time. In SBI Sarvottam scheme, customers are getting 7.4 percent interest on 2 year deposit i.e. FD.

This interest rate is for the general public. At the same time, senior citizens are getting 7.90 percent interest on this scheme. At the same time, the general public is getting 7.10 percent interest and senior citizens are getting 7.60 percent interest on one year investment.

Customers will get the benefit of compound interest

The annual yield on the best 1 year deposit of Rs 15 lakh to above Rs 2 crore for senior citizens is 7.82 per cent. Whereas, the yield for two-year deposits is 8.14 percent. On bulk deposits of Rs 2 crore to Rs 5 crore, SBI is offering 7.77 per cent interest for 1 year and 7.61 per cent for 2 years to senior citizens. Compound interest is available in this scheme.

You can invest this much money

In SBI Sarvottam scheme, the customer can invest a minimum of Rs 15 lakh to Rs 2 crore. This scheme is best for those who have retired and have money from PF fund. He can invest in this scheme of SBI. There is also an option to invest more than Rs 2 crore but the interest is less at 0.05 percent. However, there is no information on the website as to when one can invest money in this scheme.

Cannot withdraw money before maturity

You cannot withdraw money prematurely in SBI Sarvottam scheme. These are non-callable schemes in which money cannot be withdrawn prematurely. If you withdraw money before time, you will have to pay a charge.

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The government said that memorandums, request letters and suggestions have been submitted to the Railways by different people at the division level, zonal railways, railway ministry and even at stations and other places demanding concession in rail travel.

Lok Sabha member Anto Antony had asked the Railway Minister whether the government has any plan to reinstate the concession given to different categories of people on pre-Corona rail travel? He asked what steps has the government taken in this direction and has any request been made to the government to restore relaxation on rail travel?

Giving a written answer to this question, Railway, IT and Telecom Minister Ashwini Vaishnav said that Indian Railways has always been providing affordable services to people coming from every section of the society. He told that in 2019-20, Railways has given subsidy of Rs 59,837 crore on passenger tickets. Which is equivalent to giving an average 53 percent concession to every railway passenger.

The Railway Minister said, all railway passengers are being given subsidy on rail travel. Apart from this, 4 categories of people, including disabled people, 11 categories of patients and 8 categories of students, are being given relaxation in traveling by train. He said that in 2022-23, 18 lakh patients and the passengers escorting them have taken advantage of the exemption.

This year, information was revealed through RTI that Indian Railways had earned an additional amount of Rs 2242 crore in the financial year 2022-23 due to the abolition of discount on rail fares given to senior citizens. Railways said that between April 1, 2022 and March 31, 2023, the Railways did not give any discount on rail fares to about 8 crore senior citizens. These railway passengers included 4.6 crore men and 3.3 crore women. After the onset of the Corona epidemic, on March 20, 2020, the Modi government had abolished the discount on rail travel for senior citizens.

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The last date for closure of this scheme has been extended several times. According to the SBI website, this 400-day fixed deposit offers 7.1 percent interest for regular customers and 7.6 percent for senior citizens. The last date to invest in Amrit Kalash is December 31, 2023.

According to the SBI website, in this specific tenure scheme of 400 days, investors get 7.10 percent interest which is applicable from April 12, 2023. Whereas senior citizens get interest at 7.60 percent. This scheme will remain valid till 31 December 2023. Investments in SBI Amrit Kalash FD Scheme can be made through branch, INB, YONO channels, and SBI Special FD Scheme also has the facility of premature withdrawal and loan against deposit options.

SBI FD Interest Rates

State Bank of India offers interest rates between 3 per cent and 7 per cent (except Amrit Kalash) for amounts less than Rs 2 crore for general citizens. The interest rates offered to senior citizens are between 3.50 percent and 7.50 percent.

Payment of interest and what is the facility

Interest on special FD scheme is paid on maturity. Interest, after deducting TDS, will be deposited in the customer’s account. According to the SBI website, the interest on premature withdrawal will be 0.50 per cent to 1 per cent less than the rate applicable at the time of deposit for the deposit tenure with the bank or 0.50 per cent or 1 per cent less than the contracted rate, whichever is lower.

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Today we are telling you about 4 such banks which are giving up to 8 percent interest on FD to senior citizens. Getting 8 percent return on FD is quite attractive. This is because FD i.e. Fixed Deposit is not known for returns.

However, let us know which those 4 banks are. The first bank is Punjab and Sindh Bank. Here common people are getting 7.40 percent return on FD of 444 days. This bank gives 0.50 percent additional interest to senior citizens. This offer can be availed only till 31 January 2024.

CSB Bank. It is offering a special FD named Acharya Fixed Deposit to senior citizens. Under this scheme, senior citizens can get 7.75 percent interest on FD of 401 days. The bank has revised the interest rates on 1 December.

IndusInd Bank- On December 1, this bank also revised FD rates. This bank is offering interest up to 8 and 8.25 percent. 8.25 percent interest is available on FDs of 1 year to 2 years and 8 percent interest on FDs of more than 2 years to less than 61 months.

Capital Small Finance Bank- This bank is giving maximum interest of 8.10 percent on FD of 400 days. Apart from this, 8 percent interest is being offered on 12 month FD, 7.90 percent interest is being offered on 600 and 900 day FD.

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Non-banking financial company Unity Small Finance Bank has changed the interest rates on its fixed deposit (FD) scheme. According to this new rate applicable from October 9, 2023, up to 9.50 percent interest is being offered to senior citizens (senior citizens FD scheme) for amounts less than Rs 2 crore.

According to the news, the bank has increased the interest rates offered on fixed deposits (FD) kept for 701 days. It is now offering an attractive rate of 9.45% per annum to senior citizens for this period. Common people are being offered 8.95% annual interest rate on this period.

The new rates are something like this

Now on deposits with maturity period ranging from 7 days to 10 years, the bank is offering interest rates between 4.50% to 9% for general citizens and 4.50% to 9.5% for senior citizens (Unity Small Finance Bank fd. interest rates) is offering. Similarly, Unity Bank is offering an interest rate of 9.50% per annum to senior citizens for 1001 days.

Whereas it is offering 9.00% per annum to general citizens. Additionally, for tenures of 181 – 201 days and 501 days, Unity Bank is offering interest rates of 9.25% per annum to senior citizens and 8.75% per annum to general investors.

Penalty on premature withdrawal

According to the official website of Unity Small Finance Bank, a charge has to be paid on premature withdrawal of fixed deposits and recurring deposits. Premature penalty of 1.00% is charged on the applicable rate or the contracted rate, whichever is lower, for the period the deposit remains with the Bank. Recently many banks have revised the interest rates on FD.

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According to the rules, super senior citizens i.e. senior citizens above 80 years of age get the facility to submit life certificate between October 1 and November 30, 2023. At the same time, people above 60 years of age are required to complete this work between November 1 and November 30, 2023.

Life certificate can be submitted in many ways

The deadline for submitting the life certificate is near. If you have not completed this work yet then do it as soon as possible. Otherwise you will have to face big problems later. You can use both online and offline medium to submit life certificate. Offline, you can submit the life certificate by going to the pension issuing institution like post office or bank.

Apart from this, you can easily submit your life certificate through Door Step Banking, Department of Pensioners Welfare (DoPPW) Face Authentication, Umang App, Postman of India Post Payment Bank (IPPB) and Jeevan Pramaan Portal without any hassle.

What is life certificate?

All pensioners of Central or State Government have to submit life certificate once a year. This shows whether the person receiving pension is alive or not. If you fail to do so, the pension issuing body stops the pension of such pensioners.

What will happen after the pension stops?

According to the rules, if a person does not submit his life certificate in November, he will stop getting pension from December 2023. After this, pension will be available only after submitting the life certificate. If you submit the life certificate in January instead of December, you will get the arrears of pension of the old month. In such a situation, if you want to continue receiving your pension, then complete this work before the November deadline.

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There are a total of 7 changes that investors of the scheme should be aware of. Recently, some changes have been made in the Senior Citizens Savings Scheme, a savings scheme known for retirement. The government had issued a notification on November 7, 2023. Under this, the rules of small savings schemes have been changed.

Along with small savings schemes like Public Provident Fund, National Savings Certificate, the rules of Senior Citizens Savings Scheme have also changed. There are a total of 7 changes that investors of the scheme should be aware of.

1. Period to apply for the scheme

When you get the retirement benefits, you can apply for this scheme within three months of receiving the receipt, earlier you used to get only 1 month’s time.

2. On investment of spouse of government employee

Now in this scheme, the rules have also been simplified on the investment of spouses of such employees who have died while on duty. Under the new rules, now the spouse of the deceased government employee can invest the amount of financial assistance in this scheme, this will be approved in case the employee dies while on the job after the age of 50 years. This benefit will be available to all those central and state government employees who are eligible to take retirement benefit or death compensation.

3. Meaning of retirement benefits

In this notification, retirement benefit has been defined as any payment received by a retired employee after retirement or superannuation. This could include provident fund outstanding, retirement or superannuation or death gratuity, value of pension, leave encashment, retirement-cum-withdrawal benefit under EPS or ex-gratia payment under VRS.

4. Deduction on premature withdrawal

Under the new rules, if the account is closed before the expiry of one year, one percent of the deposit will be deducted. Earlier, if the account was closed before the expiry of the first year, the interest received on the deposit was recovered, and the remaining money was given to the account holder.

5. Account Extension

Now account holders can extend their account any number of times in a block of three years. Earlier it could be extended only once. You have to apply for each extension. And whenever the application for extension is received, the extension will be considered from the date of maturity or from the end of the block of three years. In both these cases, you can apply for account extension within one year.

6. Interest rate after extension

If the account is extended after maturity of five years, the interest on the deposit will be the maturity date rate or the extended maturity rate. Earlier, if there was extension only once, the maturity rate was applied.

7. Maximum Deposit Amount

You cannot make more deposits than what is allowed in this scheme. Earlier, extension could be done only once, so the conditions on the investment amount after extension were not clear. It is now stated that the amount deposited at the time of opening the account will be paid on or after the maturity of five years or at the end of each block period of three years where the account was extended under paragraph 8 from the date of account opening. Provided that after closure of the existing account or accounts, the depositor may open new accounts by depositing money as per his requirement within the maximum deposit.

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According to the bank’s website, the new rates have come into effect from November 21, 2023. The bank is offering FD ranging from 7 days to 120 months. The bank is offering interest ranging from 3.25 percent to 7.75 percent to common citizens. At the same time, the bank is offering interest ranging from 3.75 percent to 8.25 percent to senior citizens.

New rates on Yes Bank FD – These rates are on FD less than Rs 2 crore.

7 days to 14 days: 3.25 percent (General Public)/ 3.75 percent (Senior Citizens)

15 days to 45 days: 3.70 percent (General Public)/ 4.20 percent (Senior Citizens)

46 days to 90 days: 4.10 percent (General Public)/ 4.60 percent (Senior Citizens)

91 days to 120 days: 4.75 percent (General Public)/ 5.25 percent (Senior Citizens)

121 days to 180 days: 5% (General Public)/ 5.50% (Senior Citizens)

181 days to 271 days: 6.10 percent (General Public)/ 6.60 percent (Senior Citizens)

272 days to less than 1 year: 6.35 percent (General Public)/ 6.85 percent (Senior Citizens)

One year: 7.25 percent (General Public)/ 7.75 percent (Senior Citizens)

1 year to 18 months: 7.25 percent (General Public)/ 7.75 percent (Senior Citizens)

18 months to less than 24 months: 7.75 percent (General Public)/ 8.25 percent (Senior Citizens)

24 months 1 day to less than 36 months: 7.25 percent (General Public) / 7.75 percent (Senior Citizens)

36 months to 60 months: 7.25 percent (General Public)/ 7.75 percent (Senior Citizens).

60 months: 7.25 percent (General Public)/ 8 percent (Senior Citizens)

60 months 1 day to 120 months: 7% (General Public)/ 7.50% (Senior Citizens)

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Although there are many investment options available in the market, but even today people prefer to invest in small savings schemes of post office. Today we are telling you about a scheme by investing in which you can get guaranteed returns every month after retirement. The name of this scheme is Post Office Monthly Income Scheme. After retirement, if you want to get a fixed amount every month like pension, then this scheme can be a better option for you. We are telling you about the details of the monthly income scheme.

Know the details of Monthly Income Scheme-

Under the Post Office Monthly Income Scheme, you can get huge returns by investing lump sum. Under this scheme you can open a single or joint account. Under joint account, two or three people can open an account together. Any person above 10 years of age can open an MIS account. Under this scheme you can invest from Rs 1,000 to Rs 15 lakh. The maximum limit of investment in a single account is Rs 9 lakh.

This much interest rate is available under the scheme-

The government decides the interest rates of small savings schemes from time to time. These rates are applicable on every quarterly basis. The third quarter of the financial year 2023-24 is getting the benefit of interest at the rate of 7.40 percent. For example, if you invest Rs 15 lakh in this scheme, you will get Rs 9,250 as interest every month. You can withdraw this interest on every month, three months, six months or yearly basis. In such a situation, you can get a total of Rs 5,55,000 as interest in five years.

Account can be closed before maturity

It is worth noting that under the Post Office Monthly Income Scheme, you can invest your money for a total of 5 years. Under this scheme you can extend your investment for 5-5 years. At the same time, if you want to close your account before 5 years, then you can do so. If you close your MIS account between one and three years, 2 percent of your total amount will be deducted. Whereas between 3 to 5 years, 1 percent of the total amount will be deducted.

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This time is very special for senior citizens receiving pension because they will have to submit the life certificate in their bank. The government has given a date for this, before which people will have to submit their certificates, this date has been fixed from 1st October to 30th November. Let us tell you that Digital Life Certificate is a biometric based service.

In such a situation, if you do not want to stand in long queues and do not want to go to the bank or post office, then we have brought a method for you, with the help of which you can easily submit your digital life certificate. We are talking about door step banking. Let us know about it.

Door step banking

• Through SBI’s Door Step Banking, you can easily submit Digital Life Certificate from the comfort of your home.
• SBI’s website has revealed that if you want to avail this service then you will have to contact its nearest branch.

• It has been revealed in media reports that in this facility you are also given DSB app, web portal or toll free number.
• To avail this facility, you must have some important documents. This includes Aadhaar number, mobile number, linking of bank with Aadhaar, PPO number, pension account number, bank details.
• For this you will have to pay Rs 70 and GST charge. Let us tell you that some banks provide this facility for free.

How to register-

• For this, first download the Door Step Banking App.
• Then register by entering your mobile number and enter OTP.
• After this enter your name, pin code, email, password
• Now tick the term and condition
• After this enter your address and select time slot.
• Now the bank will send you an SMS, in which you will get the agent’s name, mobile number and service number.
• After which door step banking charge will be deducted and your certificate will be submitted.

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The Government of India has run many schemes for people of all age groups. Keeping women in mind, the government has recently started Mahila Samman Saving Certificate (MSSC). Apart from this, Senior Citizen Saving Scheme is being run for senior citizens. Mahila Samman Savings Certificate Scheme is a small savings scheme aimed at providing financial security to women and girls in India. Senior Citizen Saving Scheme (SCSS) is a retirement plan in which you invest money together.

Women and parents of minor girls can invest in Mahila Samman Saving Certificate. In this, women can open an account till the age of 55 years. Both these accounts, Mahila Samman Certificate and Senior Citizen Saving Scheme, can be opened online.

How to open Mahila Samman Savings Scheme and SCSS Accounts Online?

There was no provision in banks or post offices for opening online accounts for Mahila Samman Savings Scheme and Senior Citizens Savings Scheme. However, this is now possible. According to the post office as stated in its new circular, investors can open SCSS or MSSC account through the online banking facility of the department.

Go to DOP Internet Banking of Post Office Savings Account

Click on the ‘General Services’ tab on the homepage.

Click on the option of Service Requests.

After this click on ‘Service Requests’ and select ‘OK’.

After this click on ‘SCSS Accounts – Open a SCSS Account’ or ‘MSSC Accounts – Open a MSSC’.

Now enter your amount as per the rules of the scheme and select the debit account or linked post office savings account.

Click on the check box to agree to all the terms and conditions. After this click on submit online.

Finally enter Transaction Password and then click on submit.

SCSS or MSSC account will be opened once all conditions are met.

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• Equitas Small Finance Bank is offering interest rates ranging from 4 percent to 9 percent to senior citizens on FDs of 7 days to 10 years.
• Fincare Small Finance Bank is offering interest rates ranging from 3.60 percent to 9.11 percent to senior citizens on FDs ranging from 7 days to 10 years.
• AU Small Finance Bank is offering interest rates ranging from 4.25 percent to 8.25 percent to senior citizens on FDs ranging from 7 days to 10 years.
• Utkarsh Small Finance Bank is offering interest rates ranging from 4.00 percent to 9.00 percent to senior citizens on FD schemes ranging from 7 days to 10 years.
• North East Small Finance Bank is offering interest rates ranging from 3.75 percent to 9.25 percent to customers above 60 years of age.

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The new interest rates of the bank have come into effect from September 1, 2023. The bank is offering 3.75 percent to 7.75 percent interest to general customers and 4.25 percent to 8.50 percent interest to senior citizens on Fixed Deposit for a period of 7 days to 120 months. DCB Bank is giving maximum interest of 8.50 percent to senior citizens.

The bank is now offering a maximum interest rate of 7.75 percent to general customers and 8.50 percent to senior citizens on FDs with tenure of 25 months and 37 months. The bank is giving 50 basis points i.e. 0.50 percent extra interest to senior citizens as compared to regular customers.

DCB Bank is giving this much interest on FD

The bank is now offering 3.75 percent interest on FDs with a period of 7 days to 45 days.

The bank is now offering 4.00 percent interest on FDs with a period of 46 days to 90 days.

The bank is now offering 4.75 percent interest on FDs with a tenure of less than 91 days to six months.

The bank is now offering 6.25 percent interest on FDs with a period of 6 months to 10 months.

The bank is now offering 6.90 percent interest on FDs with a period of 10 months to 12 months.

The bank is now offering 7.15 percent interest on FDs with a period of 12 months to 12 months and 10 days.

The bank is now offering 7.25 percent interest on FDs with a period of 12 months and 10 days.

The bank is now offering 7.15 percent interest on FDs with a period of 12 months 11 days to 18 months 5 days.

The bank is now offering 7.50 percent interest on FDs with a period of 18 months, six days to 700 days.

The bank is now offering 7.55 percent interest on FDs with a period of 700 days to 25 months.

The bank is now offering 7.75 percent interest on FD with a period of 25 months.

The bank is now offering 7.60 percent interest on FDs with a period of 25 months to 37 months.

The bank is now offering 7.75 percent interest on FD with a period of 37 months.

The bank is now offering 7.40 percent interest on FDs with a period of 37 months to 61 months.

The bank is now offering 7.65 percent interest on FD with a period of 61 months.

The bank is now offering 7.25 percent interest on FDs with a period of 61 months to 120 months.

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In this series, the government provides several pension schemes for the financial security of the senior citizens of the country. Retired senior citizen customers also get the benefit of this scheme. Today i.e. on August 21, ‘World Senior Citizen Day’ is being celebrated. Let us know in detail about some special pension schemes of the Central Government on this occasion.

Atal Pension Yojana

The Government of India launched this scheme in the year 2015 for the financial security of all Indians, especially the poor and the underprivileged. Under this scheme, any person from 18 years to 40 years can deposit his money. On completion of 60 years, people get an amount of Rs 1,000 to Rs 5,000 as pension.

National Pension System

Under the National Pension Scheme, any Indian citizen can deposit money from the age of 18 years to 70 years. On completion of 60 years of age, the person gets the facility of lump sum cash and monthly pension. Under this scheme, there is a facility of monthly pension up to Rs 10,000.

National Social Assistance Program

Under the Central Government’s National Social Assistant Program scheme, financial assistance ranging from Rs 200 to Rs 500 per month is provided to senior citizens and persons with disabilities who fall below the poverty line. Apart from this, in case of death of a person under this scheme, a one-time assistance of Rs 20,000 is given to the family.

Indira Gandhi National Old Age Pension Scheme

Under this scheme sponsored by the central government, a monthly pension of Rs 200 is given to senior citizen customers of BPL category from 7 years to 79 years. While on completion of 80 years, the pension is increased to Rs.500 per month.

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If you also want to take advantage of higher interest on fixed deposits, then there is a good opportunity for you. The names of HDFC Bank and ICICI Bank are included in this list. Senior citizens are being given the service of special fixed deposits by these banks.

HDFC Bank senior citizen care FD interest rate

HDFC Bank offers an additional interest of 0.25 percent on special FD to super senior citizens instead of 0.50 percent to senior citizens. Super senior citizens get extra interest of 0.75 percent. Super senior citizens get 7.75 percent interest on FD of 5 years to 10 years. The last date to invest in Senior Citizen Care FD is 7 November 2023. HDFC Bank is offering interest between 3.50% to 7.75% to senior citizens.

ICICI Bank Golden Years FD

ICICI Bank offers an interest of 0.10% in addition to the extra interest of 0.50% on the Golden Years FD scheme to senior citizens. There is no deadline for investment in this scheme. This scheme is running from 20 May 2020. Investment can be made in this for a minimum period of 5 years, 1 day to 10 years. The interest rate on this is 7.50%. However, there is no deadline on the bank’s website as to when this scheme will end.

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Deduction up to Rs 1.5 lakh annually

Senior citizens can deduct up to Rs 1.5 lakh annually by investing in tax saving FDs. Banks offer slightly higher interest rates to senior citizens as compared to general customers. Senior Citizens Tax Saving FD can be opened by any person who is 60 years or above.

Facilities available in tax saving FD

>> You can invest in tax saving FD for a total of 5 years.
>> Under Section 80TTB of IT, senior citizens can deduct up to Rs 50 thousand from the total interest received on FD within a financial year.
>> If the amount of interest deposited in a financial year is more than 50 thousand rupees, then banks will charge TDS on this income.
>> TDS under section 194A of IT is currently 10 percent less. Senior citizens can use Form 15H to claim tax exemption under interest earned on FD.

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Axis Bank interest rates on FDs below Rs 2 crore

7 days to 14 days: 3.50 per cent for general public; 3.50 percent for senior citizens

15 days to 29 days: 3.50 per cent for general public; 3.50 percent for senior citizens

5 years to 10 years: 7.00 per cent for general public; 7.75 percent for senior citizens.

 

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]]> https://www.rightsofemployees.com/itr-filing-2023-these-senior-citizens-do-not-have-to-file-income-tax-returns/ Mon, 24 Jul 2023 13:28:09 +0000 https://www.rightsofemployees.com/?p=19959 ITR For Senior Citizens: The news of relief for senior citizens is coming out in the country. The Modi government at the Center has updated today on a promise made by senior citizens in the Income Tax Return. Before the Union Budget-2023, the government changed the rules of income tax return for a category of […]

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]]> ITR For Senior Citizens: The news of relief for senior citizens is coming out in the country. The Modi government at the Center has updated today on a promise made by senior citizens in the Income Tax Return. Before the Union Budget-2023, the government changed the rules of income tax return for a category of senior citizens, which has been updated.

Finance Ministry tweeted

The Finance Ministry said in its official tweet on Thursday that senior citizens above 75 years of age who have only bank pension account and interest on bank account as their only source of income, now they do not need to file ITR. For this, a new section Section 194-P has been included in the Income Tax Act-1961. This section is applicable from April, 2021. Some rules have been amended regarding this and banks have been informed about it.

What is amendment

According to the Central Board of Direct Taxes, this section has been operationalised. For this, a notification has been issued regarding the related forms and conditions. Along with this, necessary amendments have also been made in Rule 31, Rule 31A, Form 16 and 24Q.

Relief for Senior Citizens!

Section 194P inserted in IT Act, 1961 exempting senior citizens above 75 years of age, having only pension & interest income, from filing ITR. Specified banks & relevant forms notified.#PromisesDelivered pic.twitter.com/KHQOIyQabr

— Ministry of Finance (@FinMinIndia) January 5, 2023

What did the finance minister say

Finance Minister Nirmala Sitharaman had said, “Now that we are in the 75th year of our country’s Independence Day, we will continue our journey with enthusiasm. We will reduce the burden of tax compliance on senior citizens above 75 years of age in the country. For such senior citizens whose income comes from pension and interest, we propose that they should be exempted from filing Income Tax Return. The bank in which they have an account That bank will deduct the tax that is due on their income.

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]]> https://www.rightsofemployees.com/railways-ticket-concession-senior-citizens-will-get-these-facilities-free-of-cost-in-the-train-check-details/ Fri, 21 Jul 2023 05:29:49 +0000 https://www.rightsofemployees.com/?p=19826 Indian Railway News: Now Railway news has given a very good news to the senior citizens. If you are also a senior citizen and travel by train, then now you are going to get many facilities from the Railways. Many updates have been given from time to time by the Railways to those traveling by […]

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]]> Indian Railway News: Now Railway news has given a very good news to the senior citizens. If you are also a senior citizen and travel by train, then now you are going to get many facilities from the Railways.

Many updates have been given from time to time by the Railways to those traveling by train. Now Railway news has given a very good news to the senior citizens. If you are also a senior citizen and travel by train, then now you are going to get many facilities from the Railways.

Railway Minister gave this information in Parliament

Railways has given information in the Parliament that every day more than 10,000 trains run by the department and in these the senior citizens of the country get many facilities. Railway Minister Ashwini Vaishnav had given great information about the facilities available to senior citizens in the Lok Sabha, which is not known to all.

Giving information, Ashwini Vaishnav

has told that senior citizens are getting the facility of confirmed lower berths in the train. There is a separate provision in the Railways for this. Please tell that a female passenger above 45 years of age will not have to select any option for lower berth. These passengers will automatically get a lower berth from the railway side.

Pregnant women also get this facility

According to the information received from the Railways, 6 lower berths are reserved for senior citizens and women above 45 years of age in the sleeper category. Along with this, four to five lower berths have been earmarked in each coach in 3AC, three to four lower berths in each coach in 2AC.

The railway minister said on train ticket exemption, he said that apart from this, a provision has been made to give senior citizens, disabled people and women who were given upper berths in the system, if any lower berth is vacant in the train, by the onboard ticket checking staff. .

Who used to get how much discount?

According to the report released by the Railways, earlier the Railways used to give 40% discount in fares to men aged 60 years or more. On the other hand, if we talk about the exemption given to women, then these people used to get 50 percent exemption from the age of 58 years. Please tell that this discount is given in all types of trains including Mail, Express, Rajdhani.

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]]> https://www.rightsofemployees.com/big-announcement-of-the-finance-minister-senior-citizens-will-get-the-benefit-of-20500-every-month/ Fri, 21 Jul 2023 05:05:00 +0000 https://www.rightsofemployees.com/?p=19820 Senior Citizen Saving Scheme Calculator: If you also want higher returns on your money, then this news is useful for you. Bank FD and small savings schemes are two low risk investment options. The interest rate available in the Senior Citizen Saving Scheme is currently at a record level. You can get more benefit by […]

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]]> Senior Citizen Saving Scheme Calculator: If you also want higher returns on your money, then this news is useful for you. Bank FD and small savings schemes are two low risk investment options. The interest rate available in the Senior Citizen Saving Scheme is currently at a record level. You can get more benefit by considering this option for investment. For the Senior Citizen Savings Scheme, the interest rate from July to September has been fixed at 8.2 percent.

Investment limit increased from 15 lakh to 30 lakh

In this budget, Finance Minister Nirmala Sitharaman had made a big announcement for senior citizens along with implementing the new tax regime. Under this, the investment limit in Senior Citizen Savings Scheme (SCSS) was increased from Rs 15 lakh to Rs 30 lakh.

With this change, senior citizens are getting more return on investment than before. In the quarter ending September, the interest rate has been increased to 8.2 percent. It was 8 percent in the previous quarter. Before that, its interest rate was 7.6 percent and the investment limit was Rs 15 lakh.

Earlier there was a benefit of 9500 every month, due to increasing the maximum investment limit and increasing the interest rate, the income earned by senior citizens every month in the form of interest has more than doubled from before. Earlier, investing Rs 15 lakh in the scheme fetched Rs 20.70 lakh on maturity at 7.6 percent interest. Which used to be 1.14 lakhs annually and 9500 rupees monthly.

Now there will be a benefit of Rs 20500.

On increasing the investment limit to Rs 30 lakh from the Finance Minister and increasing the interest rate to 8.2 percent, on the maturity of five years, a total of Rs 42.30 lakh will be received with interest of Rs 12.30 lakh. If calculated on its annual basis, then it becomes 2 lakh 46 thousand rupees and 20500 rupees on monthly basis. That is, after the announcement of the Finance Minister, now senior citizens will get Rs 20,500 as compared to the earlier Rs 9,500.

What is the scheme

‘Senior Citizen Savings Scheme’ is run by the government for the elderly citizens of the country. The purpose of starting this scheme is to provide financial help to retired persons. Under the scheme, senior citizens get money in the form of interest every month.

In the Tax Rebate

Senior Citizen Savings Scheme of up to 1.5 lakh, the government revises the interest rate on a quarterly basis. In this, both husband and wife can open a single account or joint account with each other. The special thing is that under Section 80C of the Income Tax Act, you can get tax rebate of up to Rs 1.5 lakh on investing in it.

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]]> https://www.rightsofemployees.com/special-fd-schemes-these-3-banks-are-offering-highest-fd-rate-for-senior-citizens/ Fri, 14 Jul 2023 08:28:50 +0000 https://www.rightsofemployees.com/?p=19522 Special FD Interest Rate: Big banks like ICICI Bank, HDFC Bank and SBI offer higher interest rates on FDs to senior citizens and general customers. These banks are also offering special FD schemes to senior citizens. These banks have also extended the deadline for investing in special FDs. Here’s a comparison of the special FD […]

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]]> Special FD Interest Rate: Big banks like ICICI Bank, HDFC Bank and SBI offer higher interest rates on FDs to senior citizens and general customers. These banks are also offering special FD schemes to senior citizens.

These banks have also extended the deadline for investing in special FDs. Here’s a comparison of the special FD rates of SBI, HDFC Bank and ICICI Bank. Know here which bank is offering more interest to customers on Senior Citizen Special FD.

Interest rates on SBI WeCare FD (SBI WeCare FD interest rate)

The bank gives 0.50 more interest to senior citizens than the general customer on any FD. SBI WeCare is getting 7.50% interest. Investments under the scheme are made for a minimum of 5 years and a maximum of 10 years. These rates will be available on new and renewable FDs. The last date to invest in this scheme is 30 September 2023. Apart from this, SBI has Amrit Kalash scheme, which is being run keeping in mind the senior citizens. SBI offers interest ranging from 3.50 per cent to 7.60 per cent on its FDs.

FD for senior citizens of HDFC Bank (HDFC Bank senior Citizen Care FD interest rate)

HDFC Bank gives extra interest of 0.25% to super senior citizens on special FDs apart from 0.50% to senior citizens. Super senior citizens get an additional interest of 0.75 per cent. Super senior citizens get 7.75% interest on FDs of 5 years to 10 years. The last date to invest in Senior Citizen Care FD is 7 November 2023. HDFC Bank is offering interest ranging between 3.50% to 7.75% to senior citizens.

ICICI Bank Golden Years FD

ICICI Bank offers an interest of 0.10% to senior citizens in addition to an additional interest of 0.50% on the Golden Years FD scheme. There is no deadline for investment in this scheme. This scheme is running from 20 May 2020. Investments can be made in this for a minimum period of 5 years from 1 day to 10 years. The interest rate on this is 7.50%.

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]]> https://www.rightsofemployees.com/hdfcs-special-fd-bumper-interest-on-special-fd-golden-opportunity-for-senior-citizens/ Thu, 13 Jul 2023 13:29:10 +0000 https://www.rightsofemployees.com/?p=19493 The country’s largest private bank HDFC has again extended the Special Fixed Deposit (Special FD) scheme for senior citizens. That is, senior citizens can still invest in special FDs. The bank launched Senior Citizen Care FD in May 2020 amidst the Covid epidemic. According to the bank’s website, the last date for investing in Senior […]

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]]> The country’s largest private bank HDFC has again extended the Special Fixed Deposit (Special FD) scheme for senior citizens. That is, senior citizens can still invest in special FDs. The bank launched Senior Citizen Care FD in May 2020 amidst the Covid epidemic.

According to the bank’s website, the last date for investing in Senior Citizen Care FD has been extended till November 7, 2023. HDFC Bank gives additional interest to customers falling in the senior citizen category. At the same time, the last date to invest in this scheme was July 7.

Get extra interest

HDFC’s Senior Citizen Care gives 0.25% additional interest on investing in FD. At the same time, the premium in this is 0.50 percent, which will be available on FDs of five years one day to 10 years. This interest rate is available on investments of less than five crore rupees. Senior Citizen Care FD holders will get interest at the rate of 7.75 per cent for a period of five years to 10 years. At the same time, the interest rate on deposits ranging from seven years to 10 years ranges from 3.35 percent to 7.75 percent.

Trying to make FD attractive

Apart from this, HDFC Bank has extended its special fixed deposit for senior citizens for investment till 30 September 2023. In the last financial year, the Reserve Bank had increased the repo rate continuously. After this, banks also increased the interest rates to make their FD schemes attractive. Along with this, many new FD schemes were also started. In the current financial year, the Reserve Bank has not yet increased the repo rate in any way. Repo rate is the rate at which the Reserve Bank lends to other banks.

FD scheme was launched

HDFC Bank calculates interest based on the actual number of days in a year. If the deposit is in a leap and a non-leap year, interest is calculated based on the number of days. That is, there are 366 days in a leap year and 365 days in a non-leap year. HDFC Bank had launched two special fixed deposit schemes in May for a limited period. The bank had launched two FD plans for a period of 35 months and 55 months.

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]]> https://www.rightsofemployees.com/old-age-pension-how-to-apply-in-the-old-age-pension-scheme-of-the-central-government/ Wed, 12 Jul 2023 12:04:57 +0000 https://www.rightsofemployees.com/?p=19434 Old Age Pension: The Central Government has introduced the Old Age Pension Scheme to give a fixed amount every month to the senior citizens in the country to help them in their livelihood. If there is a senior citizen in your family and you do not have any means of regular income for their expenses, […]

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]]> Old Age Pension: The Central Government has introduced the Old Age Pension Scheme to give a fixed amount every month to the senior citizens in the country to help them in their livelihood.

If there is a senior citizen in your family and you do not have any means of regular income for their expenses, then you can take advantage of the Old Age Pension Scheme of the Central or State Government for them. Both the central and state governments together contribute to the old age pension scheme. Accordingly, the amount of old age pension scheme varies in every state of the country.

In states like Delhi, Haryana and Andhra Pradesh, where senior citizens get more than Rs 1000 a month as old age pension, in Himachal it is Rs 550, in Rajasthan 500, in Maharashtra 600, in Bihar 400 and in UP Rs 300. Let’s go.

The Central Government has introduced an old age pension scheme to give a fixed amount every month to senior citizens in the country to help them live.

What is Old Age Pension Scheme?

The government gives pension to the elderly people under the social security scheme. The National Old Age Pension Scheme (NOAPS) was started in the year 1995. The implementation of old age pension scheme is done jointly by both the central and state governments.

In this, the amount that the senior citizens who get benefits get, some share is from the center and some from the state.

How many people are getting old age pension?

According to government statistics, at present 3.5 crore people in the country are getting the benefit of old age pension scheme. At present, 3.19 crore senior citizens are getting the benefit of the pension scheme in the central government’s pension scheme and 28.74 lakh in the state government’s scheme.

What is the share in old age pension scheme at present?

Senior citizens usually get pension at the rate of Rs 400-600 every month. From the year 2006, the central government’s share in old age pension is Rs 200 per month.

For the remaining amount, the central government sends additional help to the states.

Earlier, the age of senior citizens to participate in the old age pension scheme was 65 years, which has been reduced to 60 years from the year 2011.

Who can take advantage of old age pension scheme?

• The benefit of the National Old Age Pension Scheme is given only to those senior citizens, whose age is 60 years or more.
• The applicant of old age pension scheme must belong to a family living below poverty line (BPL).
• If the son/grandson of the applicant’s family is more than 20 years old, but he is also living below the poverty line, then also the applicant will get the benefit of this scheme.
• Senior citizens above 60 years of age, even if they do not belong to the BPL family, can get the full amount of old age pension from the state government.

How to get old age pension?z

Beneficiaries of National Old Age Pension Scheme can now apply for it sitting at home. From April 1, 2016, the process of its application has been made online.

How much is the pension amount?z

Senior citizens in the age group of 60 to 79 years are given the benefit of pension at the rate of Rs 300-1000 every month. In this amount, Rs 200 is given as contribution by the Government of India and the remaining amount by the State Government.

The amount is provided as Indira Gandhi National Old Age Pension at the rate of Rs.500 per month to the elderly who are 80 years or more.

can apply herez

Old people of BPL family who are 60 or more years old can also apply for National Old Age Pension Scheme in RTPS office at block level in every district.

Separate subdivisional officers have been appointed in this office. After enrolling over the counter, the benefit of the scheme is given to the beneficiary.

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]]> https://www.rightsofemployees.com/how-to-senior-citizens-can-get-exemption-in-income-tax-know-the-rules/ Sat, 24 Jun 2023 09:29:46 +0000 https://www.rightsofemployees.com/?p=18463 Income tax: Senior citizens of the country are given tax exemption by the government, but for this it is very important to follow some rules. If you also want to get tax exemption, then before that know this rule The last date to file Income Tax Return (ITR) for all taxpayers is 31st July. People […]

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]]> Income tax: Senior citizens of the country are given tax exemption by the government, but for this it is very important to follow some rules. If you also want to get tax exemption, then before that know this rule

The last date to file Income Tax Return (ITR) for all taxpayers is 31st July. People know that it is necessary for all the earners to pay tax, so all the taxpayers are calculating their respective tax exemptions and deductions.

But today we will tell you about those senior citizens who are 60 years or above, at which places they can avail tax exemption and tax deduction .

Where can senior citizens avail the benefits?

Senior citizens have to claim deduction against their advance tax liability, if applicable, or self-assessment tax, while filing their returns . The tax deduction also depends on whether you are a resident senior citizen (60 years or more but less than 80 years), or a super-senior citizen (80 or more).

If you have opted for the old tax regime, you will be eligible for several exemptions and deductions. But if you opt for the new tax regime, all these will not be applicable. In addition, in some cases, you may be exempt from the need to file a tax return.

How much discount for senior citizens?

Under the old tax regime, a tax exemption limit of Rs 3 lakh was given to senior citizens residing in India and Rs 5 lakh to super-senior citizens.

However, under the new tax regime, all resident individual taxpayers, whether 60 years and above or not, have a basic exemption limit of Rs 2.5 lakh for FY 22-23. If their income is within the exemption limit, then they are not required to file ITR.

Advance tax rebate

Under the old tax regime, as per Section 207 of the IT Act, a resident senior citizen (60 or above) was not required to pay any advance tax, provided the citizen did not have any business or professional income. Let us tell you that this exemption is also available under the new tax regime.

Deduction for interest income

Under Section 80TTB of the Income Tax Act, a resident senior citizen (60 or above) can claim a deduction of up to Rs 50,000 for interest income earned in a financial year.

This claim applies to bank savings and FD accounts as well as interest income from deposits with post offices and co-operative banks. However, this deduction is not available under the new tax regime. Also under section 194A of Income Tax, no TDS is deducted on interest payment up to Rs 50,000 per financial year to resident senior citizens.

Deduction for health insurance premium

Under Section 80D of Income Tax, a resident senior citizen (60 or above) can claim a deduction of up to Rs 50,000 per financial year for health insurance premium paid for himself or his family (all senior citizens). Family here means spouse and dependent children.

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]]> https://www.rightsofemployees.com/railways-ticket-concession-railway-minister-issued-notification-now-senior-citizens-will-get-this-discount-in-the-train/ Fri, 23 Jun 2023 04:27:12 +0000 https://www.rightsofemployees.com/?p=18379 Rail Minister Ashwini Vaishnaw: It has been informed by the Railways that every day about 10,000 trains are operated by the department, in which special facilities are given to everyone including senior citizens, women and students. If you also travel in Train Ticket, then a big announcement has been made for the passengers by Railway […]

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]]> Rail Minister Ashwini Vaishnaw: It has been informed by the Railways that every day about 10,000 trains are operated by the department, in which special facilities are given to everyone including senior citizens, women and students.

If you also travel in Train Ticket, then a big announcement has been made for the passengers by Railway Minister Ashwini Vaishnav. From now on, passengers traveling in the train will get many special facilities. Giving information from the railway side, it has been told that every day about 10,000 trains are operated by the department, in which special facilities are given to everyone including senior citizens, women and students.

Giving information, Ashwini Vaishnav has told that senior citizens are getting the facility of confirmed lower berths in the train. There is a separate provision in the Railways for this. Please tell that a female passenger above 45 years of age will not have to select any option for lower berth. These passengers will automatically get a lower berth from the railway side.

Pregnant women also get this facility

According to the information received from the Railways, 6 lower berths are reserved for senior citizens and women above 45 years of age in the sleeper category. Along with this, four to five lower berths have been earmarked in each coach in 3AC, three to four lower berths in each coach in 2AC.

The Railway Minister said

that apart from this, a provision has also been made by the onboard ticket checking staff to give upper berths to senior citizens, Divyangjan and women who have been given upper berths in the system, if any lower berths are vacant in the train.

59 thousand crore subsidy was given

by the government in 2019-20, the subsidy of Rs 59,837 crore was given on passenger tickets. He told that every person traveling by train is given an average discount of 53 per cent. This subsidy is given to all citizens including senior citizens. Apart from this, railways gives subsidy in many categories like Divyangjan, students and patients.

Who used to get how much discount earlier?

According to the report released by the Railways, earlier the Railways used to give 40% discount in fares to men aged 60 years or more. On the other hand, if we talk about the exemption given to women, then these people used to get 50 percent exemption from the age of 58 years. Please tell that this discount is given in all types of trains including Mail, Express, Rajdhani.

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]]> https://www.rightsofemployees.com/bank-increased-interest-rate-on-fd-interest-rates-interest-up-to-9-50-for-senior-citizens/ Mon, 19 Jun 2023 09:40:27 +0000 https://www.rightsofemployees.com/?p=18210 Highest Fixed Deposit Interest Rates: Unity Small Finance Bank has increased the interest rate on FD interest rates. According to the bank, interest rates ranging from 4.50% to 9.50% are being offered on FDs with maturity ranging from 7 days to 10 years. Unity Small Finance Bank (SFB) has changed its interest rates on fixed […]

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]]> Highest Fixed Deposit Interest Rates: Unity Small Finance Bank has increased the interest rate on FD interest rates. According to the bank, interest rates ranging from 4.50% to 9.50% are being offered on FDs with maturity ranging from 7 days to 10 years.

Unity Small Finance Bank (SFB) has changed its interest rates on fixed deposit schemes with investment amount less than Rs 2 crore. According to the bank, the bank is paying 4.50% to 9% interest rate on FDs with maturity ranging from 7 days to 10 years. At the same time, 9% interest is being given to ordinary citizens on FD of 1001 days and it has been announced to give interest up to 9.50% to senior citizens.

New interest rates of Unity Small Finance Bank
Unity Small Finance Bank has implemented new interest rates on fixed deposits from June 14, 2023. According to the bank, 4.50% interest rate is being given on FDs maturing in 7 to 14 days and 4.75% interest rate on FDs maturing in 15 to 45 days. Unity Bank is offering 5.25% interest rate on FDs maturing in 46 to 60 days and 5.50% interest rate on FDs maturing in 61 to 90 days.

• FDs maturing between 91 and 6 months will now get 5.75% interest.
• 8.75% interest will be given on FDs with maturity between 6 months and 201 days.
• Paying 6.75% interest rate on FDs maturing in 202-364 days.
• 7.35% interest rate is being given on FDs maturing in 1 year to 500 days.
• An annual interest rate of 8.75% is being given on 501 days FD.
• Interest will be given at the annual rate of 7.35% on FD of 502 days to 18 months.
• Paying interest at the rate of 7.40% on FDs maturing in 18 months to 1000 days.
• On doing this in 1001 days, interest is being given at the rate of 9%.
• 7.65% interest rate is being given on FDs maturing in 1002 days to 3 years.
• 8.25% interest is being given on FD from 3 years to 5 years.
• 7.00% interest rate is being given on EFI maturing in 5 years to 10 years.

FD Interest Rates for Senior Citizens

Unity Small Finance Bank (SFB) (Unity Bank FD Rates) offers senior citizen customers 0.50% higher rate of interest on FD investment than normal customers. For senior citizens, interest rate ranging from 4.5% to 9.50% is being given on FDs with tenure between 7 days to 10 years.

Penalty on FD Premature

Withdrawal Unity Small Finance Bank (SFB) charges a penalty of 1.00% for premature withdrawal of Fixed Deposits and Recurring Deposits.

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]]> https://www.rightsofemployees.com/bank-fd-rate-change-this-bank-changes-fd-interest-rates-senior-citizens-will-get-8-25-interest/ Sat, 17 Jun 2023 10:04:44 +0000 https://www.rightsofemployees.com/?p=18121 If you invest in FD schemes, then you can get good returns by investing in this bank FD. Because IndusInd Bank has changed the interest rates on FDs of less than Rs 2 crore. According to the official website of the bank, the new rates will be applicable from June 2, 2023. The bank now […]

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]]> If you invest in FD schemes, then you can get good returns by investing in this bank FD. Because IndusInd Bank has changed the interest rates on FDs of less than Rs 2 crore.

According to the official website of the bank, the new rates will be applicable from June 2, 2023. The bank now offers an interest rate of 3.50 per cent on FDs with maturity between 7 days and 30 days.

Apart from this, the bank is providing an interest rate of 4 percent for FDs maturing between 31 to 45 days. The bank offers an interest rate of 4.5 percent for FDs maturing between 46 to 60 days and 4.6 percent for FDs maturing in 61 and 90 days. IndusInd Bank offers an interest rate of 5 percent for FDs maturing between 91 to 120 days. The bank offers an interest rate of 5 percent for FDs maturing between 121 to 180 days.

1. After the revision, the bank offers an interest rate of 5.85 per cent on FDs maturing between 181 to 210 days.
2. The bank offers an interest rate of 6.10 percent for FDs maturing between 211 to 269 days.
3. IndusInd Bank offers an interest rate of 6.35 per cent for deposits maturing between 20 and 364 days.
4. The bank is now offering an interest rate of 7.75 per cent on FDs maturing between one year and two years.
5. The bank offers an interest rate of 7.50 per cent for FDs maturing in two years, three years and more than three months.
6. IndusInd Bank offers an interest rate of 7.25 percent for FDs maturing in three years and three months and less than 61 months.

Senior Citizen will get 8.25% interest

IndusInd Bank will now offer an interest rate of 7 percent for FDs maturing in more than 61 months. The bank offers an interest rate of 7.25 per cent on Indus Tax Saver Scheme (5 years). Senior citizens are eligible for an additional 0.50 percent interest rate on all FDs. The interest rate for senior citizens ranges from 4 percent to 8.25 percent.

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]]> https://www.rightsofemployees.com/sbis-bumper-return-scheme-deposit-%e2%82%b9-10-lakh-only-once-after-10-years-you-will-get-more-than-%e2%82%b9-21-lakh/ Fri, 16 Jun 2023 12:04:54 +0000 https://www.rightsofemployees.com/?p=18048 SBI Scheme: According to the information available on SBI’s website, senior citizens deposit in SBI’s FD scheme for maturity ranging from 7 days to 10 years. Generally, as the age increases, the ability to take risk regarding investment decreases. After retirement, no common investor wants to take any kind of risk regarding his money. It […]

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]]> SBI Scheme: According to the information available on SBI’s website, senior citizens deposit in SBI’s FD scheme for maturity ranging from 7 days to 10 years.

Generally, as the age increases, the ability to take risk regarding investment decreases. After retirement, no common investor wants to take any kind of risk regarding his money. It is true that after being a senior citizen, risk cannot be taken on money, but it is not that the options to make money from money are over.

There are many bank deposits and government schemes for fixed and guaranteed income for senior citizens. One of these is the Senior Citizen Term Deposit Scheme of State Bank of India (SBI). If you have recently retired and you have got a good amount of funds, then investing in SBI’s Senior Citizen FD scheme is a better option from a long-term perspective.

How much benefit for senior citizens

According to the information available on SBI’s website, senior citizens can deposit in SBI’s FD scheme for maturity ranging from 7 days to 10 years. Generally, senior citizens get half a percent (0.50%) more interest on fixed deposits than regular customers. Whereas, senior citizens get 1% more interest on FDs of 5 years to 10 years.

According to SBI’s website, regular customers are getting 6.5 per cent annual interest on FDs ranging from 5 years to 10 years, while the bank is offering 7.5 per cent annual interest to senior citizens. In fact, senior citizens get an additional half per cent premium interest under the SBI We-care deposit scheme on FDs of 5 to 10 years.

₹10 lakh will become ₹21 lakh in 10 years

Suppose a senior citizen makes a lump sum deposit of 10 lakhs in a 10 year maturity scheme of SBI. According to SBI FD Calculator, the investor will get a total of Rs 21,02,349 on maturity at an interest rate of 7.5 per cent per annum. In this, there will be a fixed income of Rs 11,02,349 from interest.

Let us tell you, SBI has increased the interest rates by 0.25 percent from 15 February 2023 on deposits of less than Rs 2 crore. Along with making loans costlier, banks are also increasing interest rates on deposits. Earlier, SBI had increased the interest rates on FD on 13 December 2022.

Interest income taxable

Fixed deposits / term deposits of banks are considered safe. This is a good option for risk-averse investors. Tax exemption is available under section 80C on 5 year tax saving FD. However, the interest earned on FD is taxable. According to Income Tax Rules (IT Rules), Tax Deduction at Source (TDS) is applicable on FD scheme. That is, the amount received on maturity of FD will be considered as your income and you will have to pay tax according to the slab rate. As per IT rules, the depositor can submit Form 15G/15H for exemption from tax deduction.

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]]> https://www.rightsofemployees.com/senior-citizens-will-get-tremendous-benefits-in-this-scheme-after-retirement/ Thu, 08 Jun 2023 04:41:13 +0000 https://www.rightsofemployees.com/?p=17522 If you are also looking for a similar scheme, then today we are telling you about many such options. Through which better returns can be achieved even in old age. Let us know about those great plans through which you can not only get good returns but also get tax exemption through these investments. Senior […]

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]]> If you are also looking for a similar scheme, then today we are telling you about many such options. Through which better returns can be achieved even in old age.

Let us know about those great plans through which you can not only get good returns but also get tax exemption through these investments.

Senior Citizen Saving Scheme

This scheme has been specially designed by the government for people who are above 60 years of age. The main objective of starting this is to provide regular income to senior citizens even in old age. The good thing is that investment in this scheme can be started with only Rs 1000. Investors can invest up to a maximum of Rs 15 lakh if ​​they wish. The maturity period in this scheme is of 5 years. On which interest is given at an interest rate of 8 percent. Not only this, the investment made in Senior Citizen Saving Scheme can also provide tax benefit up to Rs 1.5 lakh per year under Section 80C of the Income Tax Act.

Tax free bonds

Senior citizens can also earn good income by investing in tax free bonds. These bonds are issued by the subsidiaries of the government. In which investment is done without risk. After a certain time, you will get the return, which is completely tax free.

National Savings Certificate

Those who invest in this scheme get tremendous benefit of compounding interest. That means you will also get a good return on your investment and you can also save tax through this. In this, the interest rate has been increased to 7 percent. This can be a better investment option for senior citizens.

ELSS Scheme

ELSS, also known as Tax Saving Mutual Fund Scheme, is an equity based mutual fund. 20 percent of which is invested in the form of debt and the remaining 80 percent is invested in the stock market. Along with good returns, it can also prove to be a good option for tax saving. Under Section 80C of the Income Tax Department, tax saving of up to Rs 1.50 lakh can be done in this.

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]]> https://www.rightsofemployees.com/best-investment-options-for-senior-citizens-to-get-higher-return-for-retirement/ Wed, 07 Jun 2023 09:19:59 +0000 https://www.rightsofemployees.com/?p=17489 After retirement, senior citizens need to plan their finances carefully so that the fund created by them is able to provide financial security in their retirement years. Keeping in mind the needs and goals in old age, they should invest money at the right place. Check out some investment options for senior citizens- Senior Citizen […]

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]]> After retirement, senior citizens need to plan their finances carefully so that the fund created by them is able to provide financial security in their retirement years.

Keeping in mind the needs and goals in old age, they should invest money at the right place. Check out some investment options for senior citizens-

Senior Citizen Savings Scheme

Senior Citizen Savings Scheme (SCSS) is available to individuals of 60 years of age and above. It is a safe option that offers attractive interest rates, guaranteed returns, fixed quarterly payouts and an investment tenure of five years. Each senior citizen can invest up to Rs 30 lakh in the scheme.

Fixed Deposit Scheme

Fixed deposit can be a better investment option for senior citizens. FD is a popular investment option because of its simplicity, reliability, guaranteed returns. Banks and post offices offer FDs for senior citizens with relatively higher interest rates.

Mutual Funds

Senior citizens can also invest in debt oriented mutual funds or hybrid mutual funds. These Mutual Funds primarily invest in fixed income instruments and provide regular income with potential for capital appreciation. However, investment in such funds may also involve risk and one should choose the fund based on his/her risk tolerance and investment objectives.

Post Office Monthly Income Scheme

Post Office MIS is offered by the Department of Posts and provides a fixed monthly income to the investors. Its maturity period is five years and the interest rates are revised quarterly.

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]]> https://www.rightsofemployees.com/senior-citizen-schemes-invest-in-these-five-schemes-and-forget-the-tension-of-retirement-guaranteed-amount/ Mon, 05 Jun 2023 10:30:22 +0000 https://www.rightsofemployees.com/?p=17391 Many investment options are available for senior citizens in modern times, by investing in which good money can be accumulated and this amount can be useful in their old age. Here is a look at five investment plans for senior citizens that can meet your goals and needs. This includes everything from bank schemes to […]

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]]> Many investment options are available for senior citizens in modern times, by investing in which good money can be accumulated and this amount can be useful in their old age.

Here is a look at five investment plans for senior citizens that can meet your goals and needs. This includes everything from bank schemes to small savings schemes and other schemes.

Senior Citizen Saving Scheme is for people of 60 years and above. The investment limit in this is 30 years and the maturity period is five years. In this, the benefit of attractive interest rate, guaranteed return and tax saving is given.

Fixed deposit scheme is also good for senior citizens. It is a scheme with simplicity, stable returns and liquidity. This FD scheme is provided by both the bank and the post office. FD rates are higher for senior citizens.

Pradhan Mantri Vaya Vandana Yojana is a pension scheme introduced by the government, which is for senior citizens and it is operated by LIC. It gives guaranteed returns and regular monthly income for 10 years. However, it is currently closed for subscription.

Senior citizens can also invest in mutual funds. It can be invested in debt oriented mutual funds or hybrid mutual funds. However, there can be a risk in such investment, due to which investment should be done after thinking.

Guaranteed and amount is given every month in the Post Office Monthly Income Scheme. In this, fixed income is given to the investors. In this the maturity is five years and the interest rate changes quarterly.

 

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