In 2024, the senior citizen can avail several tax-saving investments that offers both security and good returns. The Senior Citizens Savings Scheme (SCSS) provides 8.2% interest, that offers stable return on government backed schemes. The Public Provident Fund (PPF) offers 7.1% interest, with tax-free earning benefits and long-term growth. Tax-Saving Fixed Deposits offers 8 to 8.5% interest and deductions under Section 80C while Government Bonds provide 7-8% returns with safety.
For those individuals willing to take moderate risks, Mutual Funds and the National Pension System (NPS) offer 8-12% returns with tax benefits, making them ideal for higher income potential.
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