Best Schemes For Senior Citizens In India: From free treatment to tax exemption on pension, the government provides many facilities to senior citizens, know everything

Not only free treatment, the government is also running many other beneficial schemes for senior citizens. These include facilities like tax exemption on pensions, higher interest rates on investment schemes, and income tax exemption.

Best Schemes For Senior Citizens In India: To ensure financial security in old age, fixed deposits (FD) in government and private banks are a safe and excellent option for investment.

There is good news for the elderly of the country. The central government has taken several steps to make the lives of the elderly more pleasant and comfortable. From Ayushman Bharat Yojana to pension, the government has taken care of every aspect of the elderly. Under the Ayushman Bharat Yojana, now all the elderly above the age of 70 years will get free treatment up to Rs 5 lakh. But not only free treatment, the government is also running many other beneficial schemes for senior citizens. These include facilities like pension, high interest rate on investment schemes and income tax exemption.

Free treatment up to Rs 5 lakh under Ayushman Bharat Yojana

Modi Government has expanded the scope of Ayushman Bharat Yojana keeping in mind the health of the elderly. The central government has made a big change under the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana and announced to include senior citizens of 70 years or above in it. Now senior citizens of 70 years or above will be given health insurance cover. Senior citizens of this age group will get the facility of cashless and paperless treatment up to Rs 5 lakh in more than 29,000 listed hospitals across the country.

If senior citizens of a family above the age of 70 years are already associated with Ayushman Yojana along with their families, then an extra top-up cover of up to Rs 5 lakh will be given to them. Under this scheme, many serious major diseases are treated free of cost, which include cancer, heart and kidney related diseases as well as Corona, cataract etc.

Regular income from Post Office Senior Citizens Savings Scheme

Many government schemes are being run to ensure that senior citizens do not face any financial problem in their old age after retirement from the job and they have a regular income source, in which the Post Office Senior Citizens Savings Scheme is the most special. In Senior Citizens Savings Scheme, you can invest from Rs 1000 to a maximum of Rs 30 lakh. A great interest of 8.2% is given on investment in this scheme.

Suppose someone invested Rs 30 lakh in Senior Citizens Scheme (Post Office SCSS), then according to the current interest rate, an annual interest of Rs 2.46 lakh i.e. a guaranteed monthly pension of about Rs 20,000 per month will be given. It also provides many other facilities including tax exemption up to Rs 1.5 lakh.

Fixed Deposit (FD) is getting strong interest

Fixed Deposit (FD) in government and private banks is a safe and excellent option for investment to ensure financial security in old age. It is not only a safe investment but also a good source of regular income. Recently many banks have increased FD rates. Most banks offer higher interest on FD to near citizens than the normal interest rate.

In such a situation, the elderly are getting an opportunity to get more returns on their investment. Senior citizens can make FDs for different periods as per their convenience. Many banks provide easy withdrawal facility on FDs

Exemption in Income Tax Return for the elderly

Those senior citizens above 75 years of age whose income is only from pension and interest on bank deposits are exempted from filing Income Tax Return. The government has given this exemption by including a new section 194-P in the Income Tax Act, 1961 under the Finance Act 2021.

If you are above 75 years of age and all your income comes from pension and bank interest, then you do not need to fill ITR (Income Tax Rule). Just keep in mind that the bank in which your pension comes should be recognized by the government. With this exemption, the elderly have got relief from the hassle of filing Income Tax Return.