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An Initiative of Ministry of Science & Technology (Govt. of India)
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Income Tax Rebate
Income Tax Exemption for Senior Citizens up to Rs. 1.95 lakh (Budget 2007),Deduction in respect of medical insurance premium under section 800 to be a maximum of Rs.20,000.
Senior Citizens of 65 years and above during the relevant previous year.
Documents Needed (Any one of the following)
How to Avail
Contact the Income Tax Department and fill in the form 2(c).
At present there are 24 Nationalized Banks and one Private Sector Bank which are handling the SCSS, 2004. The list is given below:
State Bank of India , State Bank of Hyderabad , State Bank of Indore , State Bank of Bikaner and Jaipur, State Bank of Patiala, State Bank of Saurashtra, State Bank of Mysore, State Bank of Travancore, Allahabad Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Corporation Bank, Dena Bank, Indian Bank, Indian Overseas Bank, Punjab National Bank, Syndicate Bank, UCO Bank, Union Bank of India, United Bank of India, Vijaya Bank, ICICI Bank Ltd.
(For update, refer to:http://www.rbi.org.in/scripts/FAQView.aspx?ld=62) Deposit Scheme with Differential rate on Term Deposit/Special term deposit of one year and above
(This scheme is provided by Reserve Bank of India For update, refer to: http://www.rbi.org.in/n) Senior Citizens Deposit Scheme.
Under this scheme, the rates of interest offered on SBI Tax Savings Scheme (SBITSS) will be revised upwards from 7.50% p.a. to 8.00% p.a. with effect from 27th November
The details are as follows
(This scheme is provided by State Bank of India. For update refer to http://www.statebankofindia.com)(http://www.statebankofindia.com/viewsection.jsp?lang=0andid=0,16,384,594) Rupee Term Deposits for Senior Citizens. There is a change in the additional interest rate offered at present to Senior Citizens (public other than staff) on their Rupee Term Deposits.
0.5% p.a. interest on deposits of six months and above, but less than one-year maturity. 0.75% p.a. interest on Deposits of 1 year and above maturity. The revised interest rates on Domestic Rupee Term Deposits will be applicable only for fresh deposits and all renewals also w.e.f. 18.06.2007. (This scheme is provided by Bank of India. For up date refer to: http://www.bankofindia.com/home/interestrateslinterestrate.asp
Shatebdi Deposit Scheme
6-8 years-7.5% p.a. (Fixed Rate), Above 8 years to 10 years - 8% p.a. (Fixed Rate), Minimum Deposit: Rs. 5.000/- Maximum : No Ceiling, Additional interest rate of 1% p.a will be applicable to Senior Citizens.(This scheme is also provided by Bank of India. For up date refer to http://www.bankofindia.com/home/whatsnew/shatabdi.asp) From Punjab and Maharashtra Cooperative Bank Ltd, on the occasion of celebrations of 60 years of Independence of India, special interest rate is offered to Senior Citizens who have completed 60 years of age on FDSM deposits, w.e.f. 18/08/2007, with either Monthly interest Scheme OR Quarterly interest Scheme only.
(For update refer to http://www.pmcbank.com/rateofint.asp)
List of Services Offered for Senior Citizens from Bank of Baroda.
Renewal of accounts of Senior CitizensOnce the age of the Senior Citizens is verified for accepting deposits under the scheme. Branch shall not seek proof of age for renewal of the deposit or while taking subsequent deposits from him/her.
Treatment of joint deposits
For accepting deposits of Senior Citizens jointly, with other persons below the age of sixty under the special scheme for Senior Citizens, the benefit of additional interest (above the normal rate of interest) shall be given only when the Senior Citizen's name is the first name in the application.
Minimum Amount of deposits
There are no restrictions on the minimum amount.
The branches of the Bank have been authorized to pay an additional interest of 1% on the fresh deposits of all maturities of Senior Citizens and renewal of existing deposits of Senior Citizens.
In the case of bulk deposits (Rs.15/- lacs and above), twin benefits of interest shall not be passed on to the depositor i.e. higher rate of interest for the bulk deposit / the additional rate of interest as Senior Citizen.
Interest rate on Loan against deposits of Senior Citizens
Interest rate on Loan against deposits of Senior Citizens shall be charged at 1.25% over deposit rate.
Savings Scheme of Government for Senior Citizens
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