Tax-Saving Investments for Senior Citizens Blog, Business, Finance, Mutual Fund / By Imperial Money / January 31, 2023 / Mutual Fund Investment, Retirement planning, Tax-saving investments Tax-Saving Investments for Senior Citizens: As a senior citizen, it ’ s important to consider your tax liability when planning your investments. With the right investment choices, you can not only reduce your tax burden but also ensure a steady income stream in retirement. In this blog, we will discuss the best tax-saving investment options available for senior citizens. Take the first step towards a financially secure retirement, read this guide now – https://www.imperialfin.com/importance-of- mutual-fund-at-the-end-era-of-your-life- retirement/ Senior Citizen Savings Scheme (SCSS) The Senior Citizen Savings Scheme (SCSS) is a government-backed scheme that o ff ers a fi xed interest rate and a maturity period of 5 years. The deposit can be extended for another 3 years. The interest rate for the current year is 7.4% p.a., and the deposit is eligible for tax bene fi ts under Section 80C of the Income Tax Act. The deposit can be made by cash, cheque or demand draft, and the minimum deposit amount is Rs. 1,000 and the maximum deposit amount is Rs. 15 lakhs. This scheme is ideal for senior citizens who are looking for a fi xed and regular income stream with a moderate level of risk. Public Provident Fund (PPF) The Public Provident Fund (PPF) is a long-term savings scheme with a maturity period of 15 years. The interest rate is determined by the government and is tax-free. The current interest rate is 7.1% p.a. A PPF account can be opened at any post o ffi ce or authorized bank. The minimum deposit amount is Rs. 500, and the maximum Archives January 2023 December 2022 November 2022 October 2022 September 2022 August 2022 July 2022 June 2022 May 2022 April 2022 March 2022 February 2022 December 2021 November 2021 October 2021 September 2021 July 2021 June 2021 May 2021 April 2021 February 2021 November 2020 October 2020 September 2020 August 2020 July 2020 June 2020 March 2020 February 2020 January 2020 December 2019 October 2019 September 2019 November 2018 July 2018 Search ... CLIENT LOGIN Home About Us Services MF Tools Research Blog Contact Us deposit amount is Rs. 1.5 lakhs per fi nancial year. The scheme is ideal for senior citizens who are looking for a long-term investment option with moderate risk. Get a personalized retirement solution, use our easy-to- use retirement calculator now. National Pension System (NPS) The National Pension System (NPS) is a retirement savings scheme that allows senior citizens to invest in a mix of equity, debt, and government securities. The maturity corpus is tax-free. The scheme o ff ers several investment options and plans, including self-managed and professionally managed portfolios. The scheme is ideal for senior citizens who are looking for a long-term investment option with moderate to high risk. Equity-linked savings scheme (ELSS) Equity-linked savings scheme (ELSS) is a mutual fund scheme that invests primarily in equities. The lock-in period for ELSS is 3 years, and the returns are tax-free. This scheme is ideal for senior citizens who are looking for a long-term investment option with high risk. Bank Fixed Deposits Bank fi xed deposits are also a good option for senior citizens. Senior citizens can get an additional interest rate of 0.5% on fi xed deposits with most banks. The interest earned on fi xed deposits is taxable, but senior citizens can avail themselves of tax bene fi ts under Section 80C of the Income Tax Act. The scheme is ideal for senior citizens who are looking for a fi xed and regular income stream with low to moderate risk. It ’ s important to note that these are not the only tax-saving options available for senior citizens. There are other options available, like investments in bonds, real estate, life insurance policies, etc. It ’ s crucial to consult with a fi nancial advisor to determine which tax-saving investment option is best for you. Your advisor will take into account your individual fi nancial situation, risk tolerance, and investment goals to recommend the best investment options for you. Conclusion: – As a senior citizen, you have several tax-saving investment options available to you. Each option has its own set of bene fi ts, risks, and suitability factors. Careful consideration of your individual fi nancial situation, investment goals, and risk tolerance is crucial in making the right investment choice. With the help of a professional fi nancial advisor, you can fi nd the best tax-saving investment options that will help you achieve Contact Us: 9595889988 Email Us: wecare@imperial fi n.com Follow Us: https://www.facebook.com/imperial fi n/ Follow US: https://in.linkedin.com/company/imperialmoney Download App: https://play.google.com/store/apps/details?id=com.iw.imperialmoney Subscribe to YouTube Channel: https://www.youtube.com/c/IMPERIALMONEY ← Previous Post Recent Posts Tax-Saving Investments for Senior Citizens New Year Resolutions in Investment: Strategies and Tips to Build Wealth in 2023 6 Secrets to Generating Wealth for the Next Generation 7 Ways to Optimize Your Money: Make It Work for You Is Step Up SIP Better for Mutual Fund Investment? 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