This Mother’s Day, go beyond traditional gifts and take a meaningful step toward ensuring your mother’s financial freedom. Start by helping her build a secure and diversified financial portfolio tailored to her needs—whether it’s through steady income schemes like the Senior Citizens’ Savings Scheme or wealth-building options such as mutual funds with a portion of … Read more
As the financial year 2024-25 approaches its conclusion, many investors are evaluating tax-saving options to optimise their portfolios. Among the popular choices are fixed deposits (FDs), Public Provident Fund (PPF), and the Senior Citizens Savings Scheme (SCSS), all of which are eligible for deductions under Section 80C of the Income Tax Act, 1961. These instruments … Read more
My husband passed away in December 2023. Now with his death, I can only invest Rs 30 lakhs in Senior Citizen Savings Scheme (SCSS) in my name instead of Rs 60 lakh previously done for both. Where can I invest this money now, where I can get maximum, risk-free returns with a lock-in period of 5 years. Name … Read more
Senior citizens’ investment: When considering the later stages of an individual’s life, the primary objective is to secure a steady income from a saved sum of money to support a pleasant lifestyle after retirement. Typically, seniors gravitate towards more conservative financial strategies in order to safeguard their funds. This demographic values investments that are easily … Read more
The Centre has recently revised the interest rates applicable to small savings schemes for the quarter of January-March 2024. Though it didn’t revise the interest rates for Senior Citizens Savings Scheme, the government-back scheme offers one of the best competitive rates to Indian residents aged above 60 years. Here’s a quick comparison of Senior Citizens … Read more
Income Tax 2024 for senior citizens: When talking about investment options for senior citizens, the first thing that comes to your mind is safe investment schemes with zero risks. There are many government-backed schemes that offer decent returns to senior and super-senior citizens. Some of the prominent ones are Senior Citizens Savings Scheme, National Pension … Read more