Income up to 300000 is non Taxable for senior above 80 years this limit is Rs. 500000/-
Senior Citizen suffering Critical Illness can avail tax deduction under section 80 DDB . This limit is 80000 for super seniors.
Health Insurance Premium up to Rs. 30,000/- get tax deduction under section 80 D .
Discount in Travels
All India Senior Citizen with Indian Citizenship who are over 60 are illegible for 50% discount on economy Air fare for domestic travel.
Man over the age of 60 and Woman over the age of 58 are eligible discount of 40 % and 50% respectively on all classes of mail and express trains.
Rate of Interest
Senior citizen saving Scheme is available to all Seniors over the age of 60 with interest of 8.4%.The account can be opened at Post Offices and selected Branches of all Banks. The amount of Rs. 1500000/- can be deposited for 5 Years.
Senior Citizen get 0.5% higher rate of interest on Fixed deposit than the slandered rates.
Varishitha Pension Bima Yojna by the LIC will provide assured pension to Senior Citizen guaranteed rate of return @8% for 10 years on maximum of Rs. 750000/-
Other Benefits Scheme
Senior Citizen over the age of 65 are eligible for discount in registration and installation charges by MTNL and BSNL Telephone Connection.
Senior Citizen can write to the court for preferencial hearing of their case.
Seprate queues in the Hospital for registration and clinical examination.
Seprate queues in the Bank for the Senior Citizen.