How did you feel when you first found that being a senior citizen has some great benefits? While traveling, you're given the most comfortable seat. You can book free airport assistance while flying and you don’t have to do any heavy lifting – in fact you zoom through all the airport formalities and checks! Also, your needs are given priority in several institutions like banks.
Yet, you might still be unaware of benefits, financial and otherwise, which citizens above 60 years of age can reap. Don't believe us? Here are a few more perks of aging that you need to be aware of:
Tax Benefits
- Interest income on deposits up to INR 50,000 is exempt from tax for citizens above 60 years. Simply fill out form 15H and deposit it with your bank. This way you can avoid TDS being deducted from your interest income accrued on your deposits (within the prescribed limit).
- Also, the cut-off for medical insurance premium deduction from the total income is higher for citizens post 60.
- The threshold for tax-free income is higher for the 60+; for the current assessment year, it is INR 300,000. For super-senior citizens (above 80 years), the exempt income is INR 500,000.
Note that concessional rates and tax limits keep changing every year. Please consult your tax advisor for more information.
Loans
Most banks do offer loans to older adults, especially to those with pension accounts. Many perks such as lower processing fees, reduced rate of interest, etc. are provided. The reverse mortgage scheme too is becoming quite popular among citizens above 60. Under this arrangement, citizens can mortgage their encumbrance-free property against a periodic payment from the bank.
Travel Benefits
If your work always kept you busy and never gave you the opportunity to explore new places, now is the time. If you need motivation, there are some travel-friendly perks - reserved seats and discounts.
- Some state transport government agencies give concessions to elderly citizens for local travel
- The Indian Railways offers 30% concession for citizens above 60 years of age for all trains including Rajdhani and Shatabdi
- Separate counters are maintained for senior citizens
- Many local airlines also offer discounts for domestic flights to senior citizens for economy class
- Reserved seating, even on crowded local public modes of transport
- Airport assistance with wheelchairs, electric utility vehicles, baggage assistance, security clearance and immigration assistance, etc.
- Special meal requests
Age is just a number, but if it earns you a perk or two, it is a really great number you’ve got! Go ahead, enjoy, and do not miss out these privileges.
