Senior Citizen

The decision to raise the investment ceilings in small savings schemes is aimed at benefiting senior citizens and the middle class who park funds in safe government deposit schemes offering higher returns than banks, Finance Secretary TV Somanathan has said. The Budget 2023-24 raised the maximum deposit limit for Senior Citizen Savings Scheme from Rs 15 lakh to Rs 30 lakh. Also, 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. In a post-budget interview with PTI, Somanathan said the ceilings under the Senior Citizen Savings Scheme have been unchanged for quite some time, and the decision to raise the ceiling is primarily a measure for the welfare of the middle class and senior citizens. "There was a feeling that people in advanced age need safe investment options, and the incomes have increased in the period between the last revision and now. So, this

Mahila Samman Saving Certificate to be available for two years till March 2025, offers 7.5% return, with provision for partial withdrawal

SCSS, which offers 80C benefit, allows you to lock in at 7.6% for five years

Madhya Pradesh is relaunching the pilgrimage scheme for senior citizens, with a special train leaving for Varanasi on Tuesday.

A senior citizen was allegedly duped of over Rs 11 lakh by cyber fraudsters when she tried to recover the money she had lost while ordering pizza and dry fruits online, police said on Saturday.

Around 64 per cent of seniors, aged 50 and above, want to continue working post-retirement for financial independence, mental peace, and to maintain a healthy lifestyle, according to a survey.

They have everything they wanted as a teenager - only they seem to have got it all 50 years later

A 2007 law has the provision for taking care of all senior citizens. However, the government is working on a new law to ensure those living alone are taken care of in a better way.

An increase in the Public Provident Fund limit by Rs 1 lakh to Rs 2.5 lakh for individual households under 80C will lead to additional savings of more than Rs 2 trillion

As a nation we need to focus on capacity building at the systemic level in order to use technology to successfully address the needs of our ageing population

The move comes days after the Law Ministry amended Conduct of Election Rules allowing 'absentee voters' of essential services, senior citizens of more than 80 years of age and people with disabilities

Retirees may consider a few other products as well to generate a regular income after retirement

Senior citizens should make use of the generous tax benefits the govt has provided to minimise their tax outgo