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The company aims to target customers ranging from age 55 and above. The first phase shall comprise of 220 units and will be sold at a price range of Rs 57 lakh to Rs 1.27 crore.
Banks increase the interest rates on fixed deposits for senior citizens by 30–40 basis points. Depending on the deposit amount and maturity duration, this premium can occasionally be considerably greater.
The maximum interest rate on fixed deposits maturing in 732 days or less than 36 months will now be 6% for the general public and 6.50% for senior citizens, according to HSBC Bank.
in honour of International Senior Citizens Day, RBL bank will offer Super Senior Citizens, or those aged 80 and up, an additional interest rate of 0.75% per annum on fixed deposits.
The PNB website states that the new, higher interest rates will take effect on August 17, 2022.
The income tax department has notified declaration forms to be filed by senior residents aged 75 years and above with the banks to get exemption from submitting I-T returns for the fiscal year 2021-22. Such exemption from ITR submitting could be to be had simplest in the case in which the interest income is earned in the same bank in which pension is deposited.
State Bank of India (SBI), HDFC Bank, and Bank of Baroda extended the special fixed deposit (FD) scheme for senior citizens till September 30, 2021. ICICI Bank’s Golden Years FD meant for senior citizens was extended till 7 October 2021.