Dear senior citizens and elderly people, we know that life has become tougher for you these days due to the coronavirus lockdown.
Neither are you able to carry out your daily activities nor are you able to live stress-free as the lockdown has come with its own challenges.
But as far as your finances goes, it shouldn’t suffer despite the dull economy outside.
The Reserve Bank of India has ensured that banks come up with attractive rates for senior citizens to open five-year tax-saving fixed deposits.
Some private sector banks such as IDFC First Bank, IndusInd Bank, RBL Bank and AU Small Finance Bank have come up with interest rates above 7% for fixed deposits of five-year period.
Also, section 80C of the income tax act allows investments up to Rs. 1.5 lakh to have a claim for deduction.
You can also get guarantee of your deposits up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation.
Also, Axis Bank, HDFC Bank and ICICI Bank are providing 6 per cent on five-year fixed deposits.
Not to miss out that State Bank of India (SBI) and Bank of Baroda (BOB) are providing 6.20 per cent and 6.30 per cent, respectively.
So, there is something good even in this crisis time if you try to look at the brighter side.
By Sahana Iyer
