NEW DELHI: Many senior citizens require regular income. There are options available which can help a senior citizen to have a simple income portfolio which is safe, liquid, tax efficient, and easy to manage. 1) Senior citizens savings scheme (SCSS): You can invest ₹15 lakhs in SCSS which is a five-year product extendable by another three years. “The above portfolio is suitable for senior citizens whose financial portfolio is below ₹75 lakhs to ₹1crore and one has no other income from pensions and rents. “Senior citizens get ₹50,000 deduction under Section 80TTB and ₹1.50 lakhs under Sec 80C.

Source: Mint July 03, 2021 05:15 UTC