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They say the fixed income category should always plan first before spending. But our experts feel a tension free mind always needs proper planning.
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The income-tax department has also kept the basic exemption high. For men, there is no tax on the income of Rs 150,000. But senior citizens are exempted from tax if their income is less than Rs 225,000. This translates into savings of Rs 7,500 in taxes.

Even if you compare the exemption limit of women senior citizens with a younger one, the tax benefit works out to Rs 4,500. The basic exemption limit for women is Rs 1, 80,000.

But before you qualify as a senior citizen for the purpose of tax, there are other areas where you can take advantage of much earlier.

Bank Deposits: 
This is an area where the elderly get to earn more on their investments. Banks offer a higher rate of interest on fixed deposits to senior citizens. The offering is 0.5-0.75% more than the prevalent interest rates. The minimum age to get a premium on your deposit is 60.

A younger age group person can also enjoy this benefit if he opens a joint account with a senior citizen. But the deposit needs to be in the name of the elder one.

Let’s look at the mathematics behind this offering. If an Eighty-seven-year-old Mrs. M. Bafna says that she avails of the additional interest benefit on Fixed Deposits that range from anywhere between 0.25% to 0.50% over and above the ones offered to all those who do not come under the senior citizens’ category.

Elderly person invests Rs 50,000 for a 3-year-tenure at an interest rate of 9% as a regular rate and 9.5% for senior citizen, on maturity, the person will get Rs 965 more. If a senior citizen opts for quarterly payout of interest, then he earns Rs 750 more.

Government employees (Central as well as State) get some relaxation on retirement if they open a deposit with nationalized banks. Public sector banks give interest at par with senior citizens, if government employees invest the money received from the employer within three months of getting the cheque.

Senior Citizen Savings Scheme: 
The annualized interest rate in the Senior Citizens Savings Scheme (SCSS) is 9%. The entry age for this scheme is the same as the one required for Fixed Deposit, that is, 60. But the government has given some leeway for retirees. A person who is retiring and has crossed 55 years of age is allowed to invest in this scheme, if the money is invested within a month of receiving the amount from the employer. The tenure of this deposit is five years.

Source : Moneycontrol
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