Senior citizens | Business Upturn

Ashiana Housing to invest Rs. 275 crore to develop project for senior citizens

Adesh Dixit — Mon, 19 Jun 2023 13:54:26 +0000

India’s famous Realty firm Ashiana Housing will be investing Rs 275 crore in order to develop a housing project in Pune for senior citizens.

Ashiana Housing which is based in Delhi announcing the project said, it has launched a joint venture project, Ashiana Amodh Senior Living in Talegaon locality of Pune.

Funding for the project is said to be generated from internal accruals and construction finance. 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.

The development of the first phase of the project includes land worth Rs 25.11 crore, construction of Rs 52.38 crore and other expenditures worth Rs 16.36 crore.

Ankur Gupta, Joint Managing Director of Ashiana Housing said, “Recognizing the shifting societal norms, the acceptance of senior living is gaining traction, resulting in steady growth within the sector. In this era, we understand that retirees require ample space to spend their time freely and peacefully.”

He also laid emphasis on the top notch healthcare infrastructure and services available in Pune along with the climatic conditions of the city which shall be favorable for the senior citizens.

The delivery of the first phase of the housing project is scheduled for October 2026.

These banks offer senior citizens fixed deposit interest rates of up to 7.5 percent

Aryan Jakhar — Sun, 11 Sep 2022 02:58:07 +0000

After the Reserve Bank of India (RBI) increased repo rates by 140 points in the previous three months to 5.4%, a number of banks increased the interest rates on their fixed deposit products. Small depositors, who are mostly retirees and who depend on interest from FD and bank deposits as their main source of income, are relieved by the development.

For the investment security that these institutions provide, the majority of senior citizens choose fixed deposits to save their life savings. 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.

Let’s look at few banks that pay these senior individuals who deposit money significant interest rates.

IndusInd Bank: For borrowers over 60, the private lender’s Senior Citizen Scheme offers higher interest rates. It was created especially for senior persons.

On deposits of less than Rs 2 crore, elderly persons receive 7.50% on the following maturity periods: 1 year 6 months to below 1 year 7 months, 1 year 7 months to below 2 years, and 2 years to below 2 years. This offer is not applicable to NRO deposits. 6 Months, 2 Years, or Less than 6 Years Indus Tax Saver Scheme, 9 Months, 2 Years, 9 Months to Below 3 Years, 3 Years to Below 61 Months, 61 Month and Above (5 years).

DCB Bank: The lender offers senior citizens 7.10% interest on fixed-rate debt (FD) with maturities ranging from 18 months to less than 700 days, 700 days to less than 36 months, 36 months to more than 60 months, and more than 60 months to 120 months.

RBL Bank: Known for having some of the highest FD rates, the bank gives seniors access to up to 7.25% on deposits under Rs 2 crore with maturities between 24 and 36 months. On deposits under Rs 2 crore with maturities of 36 months to less than 60 months, 60 months to 60 months 1 day, and Tax Savings Fixed Deposit, the bank offers elderly citizens 7.05% interest rates (60 months).

Kotak Mahindra Bank FD Rates: As of September 6, interest on Kotak Mahindra Bank FDs maturing in 390 days to under 23 months will increase to 6%. With maturities ranging from 23 months to under two years, the bank will now provide fixed deposits at an interest rate of 6.10 percent. The lender raised interest rates on FDs with maturities between two and ten years to six percent. FD rates at a rate of 6.10 percent for durations of 23 months to under two years.

HSBC Bank revises fixed deposit interest rates

Yakita Somani — Sat, 27 Aug 2022 10:15:23 +0000

HSBC Bank India, a global financial institution with a branch in India, has changed the interest rates on fixed deposits under Rs 2 crore. The new rates will go into effect on August 25, 2022, according to the bank’s official website. Following the revision, the bank now guarantees interest rates on fixed deposits maturing in 7 days to 60 months ranging from 2.50% to 4.00% for the general public and 3.00% to 4.50% for senior citizens. On fixed deposits maturing in 732 days to less than 36 months, HSBC Bank will now offer a maximum interest rate of 6% for the general public and 6.50% for senior citizens.

FD Rates at HSBC Bank India

The bank will now offer a 2.50% interest rate on fixed deposits maturing in 7 days and a 2.60% interest rate on fixed deposits maturing in 8 days to 14 days. The interest rate on fixed deposits with maturities between 15 and 29 days has risen to 2.85%, while the rate on term deposits with maturities between 30 and 59 days has risen to 3.10%. HSBC Bank India will now offer an interest rate of 3.30% on fixed deposits maturing in 60 to 89 days, and 3.50% on fixed deposits maturing in 90 to 179 days.

The bank will now pay 3.75% interest on fixed deposits maturing in 180 days, and HSBC Bank will pay 3.00% interest on fixed deposits maturing in 181 to 269 days. Fixed deposits maturing in 270 to 399 days will receive a 3.10% interest rate, while term deposits maturing in 400 days will receive a 3.25% interest rate. HSBC Bank India now guarantees an interest rate of 3.30% on fixed deposits maturing in 401 days to less than 18 months, and an interest rate of 5.75% on deposits maturing in 18 months to 599 days.

Fixed deposits maturing in 600 days will receive a new interest rate of 3.75%, while term deposits maturing in 601 to 699 days will receive a revised interest rate of 3.30%. HSBC Bank India is now offering a 3.75% interest rate on fixed deposits maturing in 700 days, as well as a 3.50% interest rate on fixed deposits maturing in 701 days to 731 days. The bank now promises a maximum interest rate of 6% on fixed deposits maturing in 732 days to less than 36 months and a rate of 4.00% on term deposits maturing in 36 months to 60 months.

International Senior Citizens Day: RBL Bank introduces a special FD

Yakita Somani — Sat, 20 Aug 2022 09:54:43 +0000

RBL Bank has announced the launch of a Super Senior Citizen Fixed Deposits Product in honour of International Senior Citizens Day, which is celebrated tomorrow, August 21st.

RBL Bank has been offering much higher interest rates on all Fixed Deposits, particularly those with a maturity of 15 months, to senior citizens. According to a recently introduced product, the bank will offer Super Senior Citizens, or those aged 80 and up, an additional interest rate of 0.75% per annum on fixed deposits.
RBL Bank is now offering an interest rate of 7.75% per year on fixed deposits that mature in 15 months. This fixed deposit can be booked by Super Senior Citizens through the RBL Bank website, RBL MoBank app, online banking, Contact Center, and free doorstep banking services.

For fixed deposits under ₹2 crores with maturities ranging from 7 days to 240 months, RBL Bank is currently offering senior citizens an interest rate between 3.75% and 6.25%. On fixed deposits with a 15-month maturity period, RBL Bank will now provide an additional interest rate of 0.25% in addition to the existing additional rate of 0.50% in honour of International Senior Citizens Day, for a total additional interest rate benefit of 0.75%. RBL Bank had previously promised seniors a maximum interest rate of 7.50%. The interest rate for deposits made by senior citizens is now 7.75%, which is an increase of 0.75% over the standard rate of 7.00%.

According to RBL Bank’s website, “Super Senior Citizens (80 years and above) are eligible for an additional interest rate of 0.75% p.a. and Senior Citizens (60 years and less than 80 years) are eligible for an additional interest rate of 0.50% p.a. On non-resident fixed deposits (NRE/NRO), senior/super senior citizen rates are not applicable.

PNB raises interest rates on FDs by up to 20 BPS

Yakita Somani — Thu, 18 Aug 2022 09:28:32 +0000

The Punjab National Bank (PNB) has increased the interest rate on fixed deposits (FD) for sums less than Rs 2 crore. The bank has increased fixed deposit interest rates by up to 20 basis points (BPS) for certain tenors. According to the PNB website, the higher interest rates will go into effect on August 17, 2022. The higher interest rates will apply to both new deposits and renewals of existing deposits.

Interest rates on PNB fixed deposits

PNB has increased the interest rate on longer-term FDs by up to 20 basis points. The bank will now give a 5.50% interest rate on deposits maturing in one year, an increase of 20 bps.
PNB has increased the interest rate on deposits maturing in more than one year and up to two years by 15 basis points (bps), raising it from 5.45% to 5.50%.
The bank will continue to offer an interest rate of 5.60% on deposits maturing in more than two years and up to three years, up from a 5.50% increase of 10 bps.
Deposits with maturities of more than three years and up to five years will continue to earn 5.75% interest. Fixed deposits maturing in 1111 days will pay 5.75% interest, while deposits maturing in more than 5 years and up to 10 years would pay 5.60% interest.

Interest on senior citizen fixed deposits

According to the bank’s website, senior citizens would receive an additional 50 basis points over the applicable card rates for any domestic deposit maturities of less than Rs 2 crore. Seniors who are presently or have previously worked at PNB may be eligible for an interest rate that is 150 basis points greater than the appropriate card rate.

IT department notified forms for exemption from I-T returns for senior citizens of 75 years and above

News Desk — Sun, 05 Sep 2021 13:56:51 +0000

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. The 2021-22 Budget had added a provision for exempting senior residents of 75 years and above having pension income and interest from constant deposit in the same bank from submitting income tax returns for the financial year starting April 1.

The Central Board of Direct Taxes (CBDT) has now notified policies and declaration forms which senior residents would record with the specified bank who in turn could deduct tax on pension and interest income and deposit with the government. 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.

The income-tax act requires all people having income exceeding the threshold limit to record their income-tax returns. While the threshold for senior residents (60 years or more) and super senior residents (eighty years or more) is barely better, crossing the threshold saddles one to file tax returns. Non-filing of tax return now no longer simplest draws consequences and however one additionally gets subject to a better rate of TDS.

Nangia & Co LLP Director Itesh Dodhi stated recognising the compliance burden on senior residents, this year’s budget brought in a few remedies to the senior residents above the age of 75 years. “The CBDT has notified the forms (Form 12BBA) for a declaration by the senior residents to the banks and notified the reporting requirement by the required banks. With devoted counters for senior residents in all most important banks and banks providing doorstep banking to senior citizens, this measure is expected to make existence simpler for senior residents,” Dodhi added.

In the Budget Speech 2021-22, Finance Minister Nirmala Sitharaman had stated that in the 75 years of Independence of our country, the government shall lessen the compliance burden on senior residents who’re 75 years of age and above. “For senior residents who simplest have a pension and interest income, I suggest exemption from submitting their income tax returns. The paying bank will deduct the vital tax on their income,” she had stated.

SBI, HDFC, ICICI and BoB extends special FD scheme for senior citizens, Check details here

Vandana Nampoothiri — Thu, 12 Aug 2021 06:19:12 +0000

Corporate banks 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, LiveMint reported. ICICI Bank’s Golden Years FD meant for senior citizens was extended till 7 October 2021.

SBI’s We Care scheme interest rates

The special FD schemes were introduced for a period of 5 years and more. SBI’s We Care scheme, which was launched last year offers 30 basic points (bps) interest rates to seniors on the FD. According to LiveMint, SBI gives a 5.4% interest rate on five years FD for the general public. If a senior citizen puts a fixed deposit under the special FD scheme, then the interest rate applicable to the FD will be 6.20%.

ICICI Bank’s Golden Year FD interest rates

ICICI’s special FD scheme for senior citizens is offered at a higher interest rate of 80bps at 6.30% per annum.

HDFC Bank’s special FD scheme interest rates

As reported by LiveMint, HDFC’s special FD scheme for senior citizens, known as HDFC Senior Citizen Care bank offers a 75 bps higher interest rate on these deposits. If a senior citizen puts a fixed deposit under HDFC Bank Senior Citizen Care FD, then the interest rate applicable to the FD will be 6.25%.

Bank of Baroda FD scheme interest rates

Bank of Baroda offers a 100bps higher interest rate for a special FD scheme for senior citizens. The interest rate for the FD will be 6.25% per annum.

Union Budget 2021: No filing of IT returns for pensioners above 75 years of age

Ruchira Sonawat — Mon, 01 Feb 2021 07:18:20 +0000

The finance minister Nirmala Sitharaman, on Monday, announced that no income tax filing required for seniors citizens above 75 years of age and who have income only from pension and interest income in the Union Budget 2021. This served as a big relief to the senior citizens.

“We shall reduce the compliance burden on our senior citizens who are 75 years of age & above – for senior citizens who only have pension & interest income, I propose exemption from filing their Income Tax return. I offer them a pranam and as India completes 75 years of independence, and move to reduce their compliance burden,” said Finance minister Nirmala Sitharaman.

The Finance Minister said that the Budget proposals for 2021-22 rest on six pillars –health and well-being, physical and financial capital and infrastructure, inclusive development for aspirational India, reinvigorating human capital, innovation and R&D, minimum government, and maximum governance.