According to a recent notification from the Ministry of Personnel, Public Grievances and Pensions, the central government will provide additional pension to these pensioners in the name of compassionate allowance.

Pension Ministry issued new guidelines

The Ministry of Pension has also issued new guidelines regarding pension for retired employees of Central Government Civil Services who have attained the age of 80 years. The purpose of the guidelines is to simplify the process of distributing these additional allowances. As per the provisions of sub-rule 6 of rule 44 of the CCS (Pension) Rules 2021, pension and compassionate allowance will be given under the rules after the retired government employee attains the age of 80 years or more.

How much additional pension will people of which age group get?

Senior citizens aged 80 to 85 years will be eligible for 20 percent of the basic pension, while pensioners aged 85 to 90 years will get 30 percent of the basic pension. Senior citizens aged 90 to 95 years will be eligible for 40 percent of the basic pension and those aged 95 to 100 years will get 50 percent. Super seniors aged 100 years or more will be eligible for 100 percent of the basic pension. Understand by example – Pensioners born on 20 August 1942 will be eligible for additional pension at the rate of 20 percent of the basic pension from August 1, 2022. Pensioners born on August 1, 1942 will also be eligible for additional pension at the rate of twenty percent of the basic pension from August 1, 2022.

When will the compassionate allowance become effective

The notification of the Department of Pension and Pensioners Welfare states that the additional pension or compassionate allowance will be effective from the first day of the month when the pensioner reaches the prescribed age. These additional pension payments are designed to help pensioners manage the increasing cost of living with increasing age.

The notification states that all departments and banks involved in pension and pension distribution have been directed to disseminate information about the new pension guidelines, so that all eligible pensioners can get proper benefits without delay.

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Know how much profit everyone from ordinary people to super senior citizens can earn on an investment of Rs 1 lakh, 2 lakh and 5 lakh. Let us know about it in detail.

If you like safe investment and want bumper returns, then there is a special scheme option for you in Punjab National Bank (PNB). The special thing is that in this scheme you will not have to invest your money for a very long time,

but even in a short time you will get good profits. We are talking about the fixed deposit scheme of PNB, on which PNB has recently increased the interest rates. The new interest rates have come into effect from January 8.

The interest on this FD has been increased by Punjab National Bank by 80bps i.e. 0.80%. With the increased interest rates, now general people, senior citizens and super senior citizens will all get the benefit of increased interest rates on this FD.

In such a situation, now interest up to 7.85% can be charged on this FD. Know how much profit everyone from ordinary people to super senior citizens can earn on investment of Rs 1 lakh, 2 lakh and 5 lakh.

These are the increased interest rates

In this fixed deposit scheme of PNB, common people are getting interest at the rate of 7.05%, which was earlier 6.25%, while senior citizens will get 7.55% interest which was earlier 6.75%. Super senior citizens can avail the best interest on this. Now they will get interest at the rate of 7.85% which was earlier 7.05%.

How much profit on investment of Rs 1 lakh

General people: Interest rate 7.05%, profit Rs 6,362 = amount after maturity Rs 1,06,362
Senior Citizen: Interest rate 7.55%, profit Rs 6,405 = amount after maturity Rs 1,06,405
Super Senior Citizens: Interest rate 7.85%, profit Rs 6,665 = amount after maturity Rs 1,06,665

How much profit on investment of Rs 2 lakh

General people: Interest rate 7.05%, profit Rs 12,723 = amount after maturity Rs 1,12,723

Senior Citizen: Interest rate 7.55%, profit Rs 12,810 = amount after maturity Rs 1,12,810
Super Senior Citizens: Interest rate 7.85%, profit Rs 13,330 = amount after maturity Rs 1,13,330

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Senior citizens and super senior citizens get many such exemptions, which are not available to common taxpayers. In the Income Tax Act, a senior citizen is considered to be a person whose age is 60 years or more. But, less than 80 years. People of 80 years and above are called super senior citizens. Let us know what kind of benefits senior citizens and super senior citizens get under the Income Tax Act.

Difference in Basic Exemption Limit

The benefits available to senior citizens and super senior citizens for the financial year 2023-24 are mostly the same. There is a slight difference only in the case of basic exemption limit. The basic exemption limit for senior citizens is Rs 3,00,000. This means that if the annual income of a person of 60 years or more (less than 80) is up to Rs 3 lakh, then he does not need to pay any kind of tax.

Attention to medical expenses of older people

The basic exemption limit for super senior citizens is Rs 5,00,000. This means that if a person is 80 years or more, then he will not have to pay any tax on income up to Rs 5 lakh annually. This has been done keeping in mind that the medical expenses of a person increase with age. He also has to use more medicines regularly.

How much tax is levied on whom?

If the annual income of senior citizens is between Rs 3,00,001 to Rs 5,00,000, then it is necessary to pay 5% tax. If the income is Rs 5,00,0001 to Rs 10,00,000, he has to pay 20% tax on income above Rs 10,000 plus Rs 5 lakh. If the annual income is Rs 10,00,000, he has to pay 30% tax on income above Rs 1,10,000 plus Rs 10 lakh.

Super senior citizens do not have to pay tax on income up to Rs 5 lakh annually. The tax rate on income between Rs 5,00,001 to Rs 10,00,000 will be 20 per cent. If you have an annual income of more than Rs 10,00,000, you will have to pay 30% tax on the amount above Rs 1,00,000 plus Rs 10 lakh.

Senior citizens and super senior citizens are allowed a deduction of Rs 50,000 annually on health insurance premium under section 80D of the Income Tax Act. Apart from this, he is allowed a deduction of Rs 50,000 in the case of interest income from savings accounts and deposits under section 80TTB.

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But there is another category above senior citizens for banks, which is called super senior citizens. Persons above the age of 60 years are called senior citizens and those above the age of 80 years are known as very senior citizens. These four banks offer high interest rates on Fixed Deposit (FD) to their very senior citizens.

Punjab National Bank

According to the Punjab National Bank (PNB) website, the bank offers an additional interest rate of 80 basis points over and above the applicable interest rate across all categories to very senior citizens above the age of 80 years. PNB’s Super Senior customers get a maximum interest rate of 8.10% for a tenure of 666 days.

This rate has come into effect from 12 December 2022. Explain that the bank has increased the interest rates by 50 basis points for senior citizens in the age group of 60 to 80 years for a period of 5 years on domestic deposits of less than Rs 2 crore. Whereas for citizens above 80 years of age, there has been an increase of 80 basis points.

RBL Bank

RBL bank offers a higher interest rate of 0.75% p.a. for all tenures to citizens aged 80 years and above. The bank currently offers 8.3% interest to very senior citizens. These rates were implemented from 25 November 2022 . On the other hand senior citizens in the age group of 60 to 80 years can avail an additional interest rate of 0.50% per annum over normal.

Indian Bank

Indian Bank offers an interest rate of 0.25% above normal to its very senior citizens. Indian Bank offers an interest rate of 7.15 per cent for a tenure of 555 days, which is .25% higher than normal.

Union Bank of India

Union Bank of India offers its very senior citizens an interest rate of 0.75% per annum above normal for all tenures on FDs. Explain that these interest rates have come into effect from 25 November 2022. The bank offers the highest interest rate of 8.05% to its very senior citizens for a tenure of 800 days and 3 years. At the same time, the bank gives an annual interest rate of 6.80% to senior citizens in the age group of 60 to 80 years.

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After the increase in the interest rate, many banks are giving more than 8 percent interest on fixed deposits. At some places, up to 9 percent interest is being given to senior citizens. If you are also planning to invest in FD, then here is information about some such banks, which are offering 8.30% interest on FD.

However, this interest rate is not applicable for all senior citizens. Bank Super Senior Citizens, who are 80 years or more, are being given. Let us know which are these banks, which are giving more interest on FD.

RBL Bank

For senior citizens above 60 years and below 80 years of age, this bank is giving 50 basis points more interest than common citizens on fixed deposits. This bank is giving 75 basis points more interest to senior citizens above 80 years. This means that this bank is giving 8.3 percent interest to the super senior citizens. This interest rate is effective from November 25, 2022.

Union Bank of India

This bank is giving 0.50 percent interest per annum to senior citizens, while super senior citizens are paying 0.75 percent interest every year. According to Union Bank’s website, after the increase on November 25, a maximum interest of 8.05 per cent is being given to super senior citizens on fixed deposits with a tenure ranging from 800 days to 3 years.

PNB

According to the bank’s website, senior citizens are being given 50 basis points more interest than the normal FD rate on FDs of less than 2 crores. While 80bps more interest is being given to super senior citizens. On the tenure of 666 days, 8.10 percent interest is being given to the super senior citizens. This interest rate is effective from 12 December 2022.

Indian Bank

According to the website of Indian Bank, under a special FD, an additional 0.25 percent interest is being given on FD to an elderly person of 80 years or more.

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The bank has increased the rates by up to 30 bps for amounts up to Rs 2 crore and the new rates have come into effect from September 13, 2022. PNB has increased the FD interest rate for senior citizens from 6.15 percent to 6.45 percent. This has happened for a tenure of 5-10 years.

“The revised interest rates are applicable on fresh deposits and renewal of existing deposits with effect from 13.09.2022,” the bank said on its website.

The bank further said, “Senior citizens of 60 years and up to 80 years will get an additional interest rate of 50 bps on applicable card rates for tenors of up to 5 years and for domestic deposits of less than Rs 2 crore for tenures exceeding 5 years. Additional interest of 80 bps will be available for Rs.

In case of staff members as well as retired staff members who are also senior citizens, the maximum interest rate at the applicable card rate will be 150 bps for tenures up to 5 years and 180 bps for tenures above 5 years.

PNB said that super senior citizens (above 80 years of age) will get an additional interest rate of 80 bps over the applicable card rate across all maturities.

The post PNB FD Interest Rate 2022: Increase in FD rates for senior citizens; check details first appeared on Rightsofemployees.com.