Turning 60? 7 Money Benefits You Must Claim Now
When you turn 60 in India, you unlock higher FD rates, bigger tax exemptions, cheaper health insurance, and travel discounts. Most people never claim all of them. Here's what's available and how to use it before retirement drains your savings.
A senior citizen FD earns ₹3,750 more per year than your FD on just ₹5 lakh — that's 750 cutting chais.
Senior citizens can save this much annually through exclusive tax and FD benefits
Key Takeaways
Open or renew your FD as a 'Senior Citizen FD' the moment you turn 60 — don't let the bank default you onto a regular FD with a lower rate.
Submit Form 15H to your bank at the start of every financial year to ensure TDS is not deducted on your FD interest if your total income is below the taxable limit.
Check your eligibility for PMJAY (Ayushman Bharat) or top up your existing health cover — insurers cannot legally deny health insurance to senior citizens under IRDAI guidelines, though premiums are higher.
When you turn 60 in India, you unlock higher FD rates, bigger tax exemptions, cheaper health insurance, and travel discounts. Most people never claim all of them. Here's what's available and how to use it before retirement drains your savings.
Here's what happened: Indian residents aged 60 and above qualify for higher FD interest rates (typically 0.25%–0.75% more than standard rates) across most banks and post offices.. Senior citizens get an income tax exemption threshold of ₹3 lakh (₹5 lakh for super seniors above 80) plus a unique ₹50,000 deduction on interest income under Section 80TTB.. Additional benefits include subsidised health insurance premiums under schemes like PMJAY, railway and air travel concessions, and simplified ITR exemption for those above 75 with only pension and FD income..
What you should do: Open or renew your FD as a 'Senior Citizen FD' the moment you turn 60 — don't let the bank default you onto a regular FD with a lower rate.. Submit Form 15H to your bank at the start of every financial year to ensure TDS is not deducted on your FD interest if your total income is below the taxable limit.. Check your eligibility for PMJAY (Ayushman Bharat) or top up your existing health cover — insurers cannot legally deny health insurance to senior citizens under IRDAI guidelines, though premiums are higher..
Section 80TTB's ₹50,000 deduction covers ALL interest — FD, RD, and savings account combined — so ladder your deposits across banks to maximise this limit without locking everything in one place.
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This article is reported by GoCredit's Editorial Team based on the source above. GoCredit synthesises, contextualises, and adds India-borrower-relevant analysis. We are not the original publisher.
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