Outlook Money
Senior citizens enjoy higher interest rates on bank and post office deposits, including fixed and recurring deposits
Older individuals also get tax benefits such as higher exemptions and deductions. The tax exemption threshold for individuals aged 60-80 is Rs 3 lakh.
The government offers various tax-efficient retirement savings schemes, such as the Public Provident Fund (PPF), the National Pension System (NPS), and the Atal Pension Yojana (APY).
Banks provide doorstep banking services, such as cash or cheque pick-up and deposit, KYC verification, withdrawals, etc., to senior citizens and differently-abled customers as per the RBI Guidelines.
Additionally, senior citizens receive free health check-up and medical treatments in government-run hospitals, dispensaries and public health centres across towns, cities, and villages.
Compiled By Himani Verma