Outlook Money
SCSS is a government-backed savings scheme that offers higher interest rates and tax benefits.
Senior citizens can benefit from higher interest rates on FDs offered by banks.
It is a low-risk investment option that offers regular monthly income.
Equity-linked savings schemes (ELSS) invest in equity instruments with a 3-year lock-in to generate return; they also offer tax benefits.
PPF offers higher interest rates and tax benefits, with a lock-in period of 15 years.
Senior citizens can invest in NPS and claim tax benefits under Section 80CCD(1) and 80CCD (1B).
Premiums paid for health insurance are eligible for tax deductions under Section 80D.
APY is a government pension scheme that offers regular income after retirement.
Compiled by Avijit Gupta.