Budget 2024: Punjab and Sindh Bank is giving 7.9% interest on FD to senior citizens. Most of the banks are giving maximum interest of 7.75 percent to senior citizens. This includes SBI, HDFC, ICICI Bank etc. If the government increases the interest by 2 percent, then the interest received by senior citizens can go up to 10 percent.
Budget 2024: Senior citizens, pensioners and pensioners associations in the country have many expectations from the government this time. Many tax experts and senior citizens believe that the interest they get on FD (Fixed Deposit) should be increased in the budget. In fact, currently senior citizens in the country get 0.50 percent more interest than normal customers. Their demand is that this interest should be increased from 0.50 percent to 2 percent. That is, the interest received on FD will be 2 percent more than that of normal customers instead of 0.50 percent.
Get 2% more interest on FD, not 0.50%
Direct tax expert and ex-chairman of ICAI, Amarjeet Chopra, while talking to Moneycontrol Hindi, said that the Modi government needs to make special announcements in the budget for the senior citizens of the country. The government will have to increase the interest given to senior citizens. Presently the government gives extra interest of 0.50 percent, it should be increased to 2 percent because senior citizens do not have any regular income. Most of them invest their earnings in FD and earn income through interest. Senior citizens spend the most money on health and the government should help them in this.
Senior citizens get extra interest of 0.50%
Most public and private sector banks offer 0.25% to 0.50% more interest on FD to senior citizens than the interest rates offered to the general public. Senior citizens i.e. persons above 60 years of age come. Some banks give extra interest of 0.25 per cent in addition to 0.5 per cent to super senior citizens i.e. people above 80 years of age. That is, some banks give them extra interest of 0.75 percent.
Will senior citizens get 10% interest?
Talking about FD interest rates, senior citizens are getting 8.6% interest on FD in DCB Bank. Punjab and Sindh Bank is giving 7.9% interest on FD to senior citizens. Most banks are giving maximum interest of 7.75 percent to senior citizens. This includes SBI, HDFC, ICICI Bank etc. If the government increases the interest by 2 percent, then the interest received by senior citizens can go up to 10 percent.
Budget will be presented on 1 February
Union Finance Minister Nirmala Sitharaman will present the budget (Union Budget 2024) for the sixth time on 1 February 2024. Nirmala Sitharaman is going to present the last budget of the second term of the Modi government because after that Lok Sabha elections are going to be held across the country. In such a situation, the government can make several announcements to capitalize on its vote bank.
