Best 80c Investment For Senior Citizens

Senior citizens get higher interest rates than ordinary customers on bank fixed deposits and recurring deposits typically 05 higher than normal rates. In this investment option the interest rate is a bit higher for the retirees.

Mutual Funds Investment Investing Public Provident Fund Mutuals Funds

The Senior Citizen Savings Scheme is the best possible investment scheme for senior citizens.

Best 80c investment for senior citizens. Senior Citizens Saving Scheme SCSS SCSS is good option for senior citizens above 60 years of age as it gives regular quarterly interest income directly in bank account. 06052016 Senior Citizen Savings Scheme. While interest income earned from fixed deposits interest income earned up to Rs.

For a three-year term here are the top five bank fixed deposit interest rates for a deposit amount of less than Rs 2 Cr. Under Section 80C of the Income Tax Act bank fixed deposits with a 5-year tenure are eligible for tax benefits. If you have a good amount of idle cash accumulated then making a Fixed Deposit will be beneficial for you.

28022021 Fixed deposits are another popular investment choice for Senior Citizens after retirement. Fixed deposits FD and recurring deposits RD are one of the most common types of investments for retired individuals. You can claim both investments under 80C.

National Saving Certificate NSC. 16072020 These investments give regular income including regular monthly income and can satisfy a senior citizens day-to-day expenses. 15062021 So large banks are currently offering Senior Citizen FD rates of up to 625 pa and Small Finance Banks are providing interest up to 775 pa.

Recurring Deposits and Fixed Deposits. Banks also offer a comparatively higher interest rate on FDs. 22052021 3 Year Fixed Deposits For Senior Citizens.

On Senior Citizen Fixed Deposits. 13062019 Senior citizens can claim tax benefit of upto Rs 50000 on the interest amount earned us 80TTB. Yes there are options in the 5-year FDs to claim tax benefits under section 80C.

02122019 You can use combination of PPF and ELSS for tax saving investments. The returns are relatively lucrative in comparison with other schemes and the interest is paid on a quarterly basis. Investments in National Savings Certificate are considered very secure.

But still there are no tax benefits for a regular FD. In case you find stock market over-valued PPF is good option. 27042021 There are various investments that offer a regular monthly income.

The interest earned is taxable. Investments of up to Rs 15 lakh can be used to avail tax deductions under Section 80C. Here are some of the best investment options for senior citizens and pensioners.

50000 is tax exempt for only senior citizens. This is between 025 to 10 more than the interest rates available in the case of regular FDs. The NPS is a pension scheme that has been started by the Indian Government to allow the unorganised sector and working professionals to have a pension after retirement.

Bank Fixed Deposits and Recurring Deposits.

3 Things To Keep In Mind When You Sign Up For Tax Saving Instrument Finance Investing Public Provident Fund