6 extra financial benefits that senior citizens receive in India

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    Senior citizens receive some additional benefits than most of the other individuals do not and rightly so. Here are 6 financial benefits that senior citizens receive.

    No tax payable for income upto Rs 3 lakh

    No tax payable for income upto Rs 3 lakh

    The income tax exemption limit for senior citizens is Rs 3 lakhs, while for others it is Rs 2.5 lakhs only.

    Benefits on fixed deposits

    Benefits on fixed deposits

    On bank fixed deposits senior citizens receive an extra interest rate of 0.5 per cent. Interest rates could vary when it comes to company fixed deposits, but it is certainly more than other individuals.

    Benefit on TDS

    Benefit on TDS

    Senior citizens have to submit form 15H for claiming TDS exemption on their fixed deposits.

    Advance tax and senior citizens

    Advance tax and senior citizens

    Senior citizens who own business and may not have business income are exempted from paying advance tax.

    A good scheme

    A good scheme

    The Senior Citizens Savings Scheme is only meant for senior citizens and provides a decent interest rate of 9.2 per cent.

    Read more about: senior citizens
    Story first published: Monday, August 11, 2014, 8:41 [IST]
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