07 Jan 3 Government Benefits for Senior Citizens in India
There are several benefits offered to the senior citizens of this country to make their lives easier. The main focus is to ease their financial pressure after retirement. Senior citizens do not only benefit financially but there are also several other government benefits for senior citizens in India to make their retired lives comfortable.
There are several benefits for senior citizens which are provided by private companies as well. Generally, these benefits can be availed after the age of Sixty years, but some benefits are not unlocked until the age of Sixty-five years.
You should familiarize yourself with these benefits to help out a senior citizen avail of them.
Government Benefits for Senior Citizens in India
1) Benefits while traveling
• Air Travel
Airlines provide a fifty percent discount on base fares for passengers traveling in economy class. You have to be sixty years old to avail of this benefit. The discount is available as a benefit for senior citizens traveling within India.
Benefits for senior citizens can be availed in form of discounts on railways also. Female senior citizens who are at least Fifty-eight years old can avail fifty percent discount and male senior citizens who are at least sixty years old can avail forty percent discount.
• Travelling by bus
The benefits for senior citizens vary for traveling by road on a bus in different states. However, there are travel concessions available and most of the state-run bus services have reserved seats for senior citizens. In metropolitan cities having metro rails, there are reserved seats for senior citizens.
2) Tax deductions
There are several benefits for senior citizens regarding the tax they pay. To ease their financial condition after retirement, incomes of up to Three lakhs are exempt from taxes. The number is higher for senior citizens above eighty years of age. They can get up to 5 lacks of income exempt from taxes.
The interest rates are increased by 0.5 to 1 percent over the normal interest rates. That is, banking benefits for senior citizens allow them to earn a bit more in their savings. There is a five-year ‘Senior citizen saving scheme’ which enables account holders to gain up to 8.3 percent of interest per annum. However, this interest is tax-deductible.