Income Tax Returns 2024: Senior and super senior citizens are eligible to avail of numerous tax benefits as offered by Income Tax Act, 1961. Some of the prominent ones are the Senior Citizens Savings Scheme, National Pension Scheme, senior citizen bank FDs, ELSS, among others.
The Union finance ministry announced that while most scheme rates remained unchanged, slight adjustments were made to the Sukanya Samriddhi Scheme and the 3-year time deposit scheme, as per the notification, , Small Savings Schemes, Sukanya Samriddhi Yojana, PPF rate, rates hike
The government has kept interest rates on small savings schemes unchanged, except for 3-year time deposits on which the rate has been hiked by 10 basis points
Interest rates on small savings schemes, while set by the government, are linked to market yields on government securities at a spread of 0-100 basis points over the yield of these securities of similar maturity.