Senior citizens are entitled to many financial benefits and schemes extended by the government under its social security scheme. Here are some benefits for senior citizens under different categories.
PMVVY provides an assured pension based on guaranteed a yearly rate of return of 8 percent for a decade. A beneficiary can get the pension monthly, quarterly, half-yearly or annually.
Senior citizens will get a deduction up to Rs 50,000 in respect of interest earned from deposits held with banks, co-operative society and post office.
when senior citizen opt for a higher cover, they will also get a higher tax deduction of Rs 50,000 under Section 80D. Earlier, the limit was Rs 30,000.
Many senior citizens visiting banks for providing life certificate for pension and linking their Aadhaar numbers with bank accounts have been put to a lot of hardship.
Over nine lakh senior citizens have voluntarily given up their ticket subsidies under the 'give up' scheme of the Railways.
Income Tax for Senior Citizens - Frequently Asked Questions - What are the benefits available to a senior citizen and very senior citizen in respect of tax rates?
Department Economic Affairs Notification regarding Senior Citizen Fund - Modus operandi explained in detail