Senior Citizen Fixed Deposit: According to the report of SBI Research, this deposit scheme has become quite popular among senior citizens due to high interest rates on fixed deposits.
Senior Citizen Fixed Deposit: The government has earned more than Rs 27,000 crore in tax from interest on investments in fixed deposits of senior citizens of the country. This is a good figure and as per the previous figures, a significant increase has been registered in it.
Tax taken from senior citizens
The government has collected more than Rs 27,000 crore tax from senior citizens on interest earned on fixed deposits in the last financial year. This information has been received according to the report of SBI Research, the country’s largest lender.
The scheme is quite popular among senior citizens
The report of SBI Research says that in the last five years, the total amount of deposits increased by 143 percent to Rs 34 lakh crore at the end of the financial year 2023-24, whereas five years ago it was Rs 14 lakh crore. According to the report, due to high interest rates on fixed deposits, this deposit scheme has become quite popular among senior citizens. During this period, the total number of fixed deposit accounts has increased by 81 percent to 7.4 crore.
Estimated deposit of more than Rs 15 lakh – SBI Research
SBI’s research estimates that out of these, an amount of more than Rs 15 lakh is deposited in 7.3 crore accounts. Keeping in mind the estimate of 7.5 percent interest on these deposits, senior citizens have earned Rs 2.7 lakh crore in the last financial year only in the form of interest. The report says that this includes Rs 2.57 lakh crore from bank deposits and the remaining amount from Senior Citizen Savings Scheme.
“Assuming 10 per cent (average) tax paid by senior citizens as consistent across all categories, the tax collection by the Government of India in this regard would be approximately Rs 27,106 crore,” the report said. Many banks of the country are also offering interest up to 8.1 percent on their fixed deposits to senior citizens.
