The amendments to the SCSS will help many retirees within the senior citizens segment who had earlier been left out.
If you are a senior citizen who is looking at earning regular returns without taking on too much risk, the Senior Citizens Savings Scheme is the place to be.
Extend your scheme by three years, especially if you have not crossed the limit of Rs 15 lakh.
The FM also proposed that the maximum deposit limit for Monthly Income Account Scheme will be enhanced from Rs 4.5 lakh to Rs 9 lakh for a single account and from Rs 9 lakh to Rs 15 lakh for a joint account.
The scheme is available for citizens above 60 years of age; however a provision has been put in place for individuals who have crossed 55 years of age. Such individuals may invest subject to the conditions that,
The Senior Citizens' Savings Scheme 2004 offers 9 per cent rate of interest on deposits. But most banks offer 9 per cent or more interest rate these days.
'The increase in the limit for TDS on interest to Rs 1 lakh will ensure greater cash flow in the hands of senior citizens.'
Many seniors mistakenly believe they need not file returns if tax is deducted at source (TDS) on income received. This is incorrect.
'As we get older, our health risks increase, and this makes health insurance significantly more expensive for seniors.'
Many senior citizens fail to disclose certain incomes like interest, commissions, or dividends in their ITRs.
The most common mistake is investing without assessing suitability and long-term implications.
The government on Friday raised interest rates on most post office saving schemes by up to 0.7 per cent for the April-June 2023 quarter in line with the firming of interest rates in the economy. While the interest rates for popular PPF and savings deposits have been retained at 7.1 per cent and 4 per cent, respectively, there has been an increase between 0.1 per cent and 0.7 per cent in other saving schemes, a finance ministry statement said. The highest increase was in the interest rate of the National Savings Certificate (NSC), which will now attract 7.7 per cent, up from 7 per cent, for the April 1 to June 30, 2023 period.
Thanks to Budget 2018, seniors can invest more and also save more.
RBI has also announced new guidelines to price loans from April 1.
For longer tenure products, they offer higher returns compared to other instruments. But for shorter tenures, things are getting tighter for investors.
The deposit facility for the women and girls will be for a period of two years with a rate of interest of 7.5 per cent, Sitharaman announced.
The raising of the entry age in NPS has opened up an attractive new investment avenue for senior citizens, says Arnav Pandya.
When investing in fixed-income products, balancing considerations like safety, liquidity, and income is essential.
The interest rate on these schemes have remained unchanged for over a year now.
'There are no new benefits for senior citizens, but on the other hand senior citizens having sizeable dividend income may have to suffer tax at applicable slab rates,' says Mahesh Padmanabhan.
SBI has twice hiked interest rates on fixed deposits within a month, but an investor still gets better returns at the post office.
The next revision will make the rates similar to those of bank FDs.
Post office savings of 1, 2 and 3 year term deposits and 5-year recurring deposit currently fetch 8.4 per cent interest per annum.
Even if interest rates go down, they may continue to offer better returns than fixed deposits.
Jaitley has announced increasing the super-rich surcharge to 12%.
The staff at post offices misappropriated Rs 95.62 crore of public money between November 2002 and September 2021, the Comptroller and Auditor General has said. The money may seem small but it is what common citizen invested in post office savings, the oldest and the largest banking system in the country. The system serves the investment needs of urban and rural clients through schemes such as savings bank, recurring deposits, time deposits, national savings certificates, kisan vikas patras, public provident fund, monthly income account scheme, sukanya samriddhi accounts and senior citizens savings scheme.
With medical inflation hovering at around 13-14 per cent annually, policyholders must reassess their sum insured once every two years.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Ask rediffGURU Naveenn Kummar your insurance mutual fund and personal finance-related questions.
ICICI Prudential has tied up with the healthcare service provider to enable investors in its ICICI Prudential Savings Fund use the money seamlessly for medical purpose.
The rates of interest on various small savings schemes for the third quarter of financial year 2018-19, starting October 1 and ending on December 31, 2018, has been revised, the finance ministry said while notifying the rates.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
'Having a separate healthcare corpus is extremely important even for those already covered by health insurance.'
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances