'Senior citizens' share in FDs, value 2x since FY19'

Senior citizens are increasingly relying on fixed deposits, with their share doubling to 30% according to an SBI study. To enhance their financial independence, the report suggests waiving tax on interest from these deposits and doubling the Atal Pension Yojana ceiling to Rs 10,000. The report also notes that despite tight liquidity conditions, banks raised deposit rates in the latter half of FY24 to attract fresh deposits.

Apr 16, 2024 - 05:30
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'Senior citizens' share in FDs, value 2x since FY19'
Senior citizens are increasingly relying on fixed deposits, with their share doubling to 30% according to an SBI study. To enhance their financial independence, the report suggests waiving tax on interest from these deposits and doubling the Atal Pension Yojana ceiling to Rs 10,000. The report also notes that despite tight liquidity conditions, banks raised deposit rates in the latter half of FY24 to attract fresh deposits.

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