It is to be noted that deductions under Chapter VI-A deduction (Section 80C, 80D, 80E and so on) are not available for taxpayers who opt for the New Tax regime. However, salaried individuals can still claim two deductions under the new tax regime Standard Deduction and deduction under section 80CCD (2) for employer's contribution to NPS.
The government has hiked the interest rates of a few small savings schemes for the fourth quarter of fiscal year 2023-24, which will be effective from January 1, 2024 to March 31, 2024.
Senior Citizen FD Rates vs SCSS: Banks and NBFCs offer FD interest rates of 2.50-9.50% p.a. to senior citizens on tenures ranging from 7 days to 10 years. On the other hand, SCSS, which is a prominent investment tool, offers 8.2% interest.