Things to know before retirement
By Neelima Shankar
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However the qualifying age for availing the tax benefits under the senior citizen slab is 65 years.

So before you complete 65 years of your life, there are some other benefits that you can obtain by falling under the senior citizen category at an earlier age.

Bank deposits

Banks offer an additional interest rate over the card rates to senior citizens in their fixed deposit schemes. Mostly banks offer an additional interest rate between 50 and 100 basis points to the senior citizens. The minimum age to get this premium on your deposits is 60.

Not only can this extra rate be earned by senior citizens but even young individuals can enjoy this benefit by opening a joint account with a senior citizen. However the account needs to be opened in the name of the senior citizen.

Railway concession

The Indian Railways also provide concession on fares to any elderly person who has attained the age of 60. A male senior citizen gets up to 30% concession on the total fare where as a female senior citizen can get a concession up to 50% on the total value of the ticket.

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(Comments Posted : 1) Post Your Comments
1. That is great that we can receive the home loans and that opens up new possibilities.
BETTYEOSBORNE (Posted: Dec 28, 2010)
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