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Financial Edge of Being a Senior Citizen
June 13 , 2013

Being a senior citizen has many advantages. For one you are treated with respect and kindness by most people. The government of India has been very thoughtful in its policies for senior citizens and has made special provisions for them in various arenas. Some areas where you are entitled to special benefits are mentioned below.

Traveling

Senior citizens are offered special concessions and non- monetary benefits for traveling. The Indian Railways provides up to 50% rebate to senior citizens on fares in all classes of all trains. This includes Sleeper Class, First Class, Air Conditioned (AC) Chair and First Class AC in all trains.

Air India, the national carrier provides up to 50% rebate on normal economy class fare airline tickets for who have attained the age of 65. Other airline companies also offer similar rebates to the senior citizens. These rebates allow the elderly to afford to travel the same way as they did while they were working.

Telecommunication

Senior citizens are given priority on applying for a new telephone connection as per provision by the Department of Telecommunications. MTNL (Delhi) offers 25% discount in rental and installation charges to citizens over 65 years of age on certain plans. 

Banking

Rates offered to senior citizens on Fixed Deposits in banks is higher than that offered to others. Banks also offer discount on other account related charges.

Taxation

Post retirement your major income sources like salary may run dry but you might still earn income on FDs, capital gains on selling mutual funds, shares or property etc. The government taxes older people leniently. Income tax slabs kick in from a higher annual income of Rs 2.5 lakhs for those over 60 years and a still higher Rs 5 lakhs for those who have crossed 80 years.

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