Benefits that will make life easier of a senior citizen

Passports

Normally, police verification is done before the passport is issued. In case of senior citizens, it can be done post-issuance subject to condition. Senior citizens can be issued a passport on post police verification basis if they submit a copy of the passport of their child (above 18) staying abroad (with a page having their name) as an additional document along with their application form.

In some Passport Seva Kendras, senior citizens who have applied for fresh or re-issue of passports are allowed to submit their applications as 'walk-in' applicants. They do not need online appointment but are required to register their applications online and obtain Application Reference Number, or ARN, at least 24 hours in advance. No prior appointment is needed but the applications are accepted on first-come, first-serve basis.

Extra on bank FDs

Bank FDs offered to senior citizens who are 60 and above come with additional interest. Most banks offer 0.5 per cent extra on the rack rate of the duration chosen by them. The higher rate is also for any tax-saving deposit opened in the bank. At the time of initial deposit, proof of age is required to be submitted to the bank. Similar to SCSS, the interest rate is fully taxable but option to take monthly interest exists in them.

Life pension certificate

Pensioners drawing retirement pension or family pension need to mandatorily submit a life certificate. It has to be produced before November 30 each year at the pension drawing banks or the respective post offices.

In 2014, Jeevan Pramaan, an Aadhaar-based digital life certificate for pensioners, was introduced. The certification was launched to do away with the requirement of a pensioner having to submit a physical life certificate each year to ensure continuity of his or her pension. Jeevan Pramaan is an optional system and about 9.27 lakh pensioners have already registered for it, according to an official data. However, the programme may soon be scrapped owing to privacy issues.

Loans

Several banks offer home loans to senior citizens provided they maintain a pension account. Typically, loan amount is equal to about 50 times of monthly pension/income (in case of pensioners and salaried persons) or 4 times average gross annual income (in case of pensioners who later become professionals and self-employed persons) with a maximum of Rs 75 lakh. Banks ensure that Equated Monthly Installment, or EMI, remains at about 50 per cent of net take-home income. The loan tenure is mostly a maximum of 15 years or up to the age of 75 of borrower (whichever is earlier). There could be lower processing fees for them as well.

Flights

Discounts for seniors in flights may not be a permanent affair. Airlines do, however, keep coming out with offers. SpiceJet's on-going offer is a flat 15% off on the base fare for senior citizens. The booking and travel period for the offer is scheduled between July 15 and September 30, 2016 and is applicable for senior citizens above 60.

Railways

When it comes to commuting by trains, Indian Railways provides a flat 40 per cent rebate to male senior citizens and a flat 50 per cent rebate to female senior citizens on fares in all classes, i.e., Sleeper Class, First Class and First Class AC in all trains, including Shatabdi and Rajdhani. The minimum age defined for male senior citizens who can avail this particular rebate is 60, while for female senior citizens it is 58.

Eager to reduce its huge subsidy burden, Indian Railways has now given senior citizens the option of foregoing concession on purchase of reserved class tickets. A senior citizen would automatically get the concession upon filling up age-related information in the form for buying tickets, but now they have the option of giving it up.