« Top Headlines » Open DEMAT Account in 24 hrs  ITR Filing 2025: These individuals are exempt from paying tax. Do they need to file returns?  Full List Of Trump's Reciprocal Tariffs Announced Wednesday  Top 5 tax-saving investment options for salaried individuals to consider before March 31, 2025  5 lesser lesser-known avenues of tax saving you can use to save income tax before March 31, 2025  March 15 is deadline for last advance tax installment: Know if you must pay «  Tips to invest your post-budget savings... Save tax on tuition fees & interest paid on loan... » Options for senior citizens to save tax March, 04th 2008 Senior citizens can now plan their investments in such a manner that their tax burden would be less. The higher basic exemption limit and the avenue to get relief for investments in the Senior Citizen Savings Scheme will make things easier for them. Though there are several options , making use of all the available deductions would significantly bring down their tax burden . Apart from investments in the Senior Citizen Savings Scheme, the premium paid on medical insurance is one of the best options before them. The senior citizen can invest up to Rs 1 lakh in such schemes. With basic exemption limit at Rs 2.25 lakh, they have a higher disposable income in their hands. Investments up to Rs 28 lakh at an average rate of 8% will be tax free in the hands of senior citizens. Though this makes large investments possible, they have to be careful enough to carry out the necessary paperwork to ensure that there is no tax deduction at source. Otherwise, they will have to find ways later to get refund from the income-tax department. There are various investment avenues which ensure a regular flow of income for the individual depending on their needs. Some amount can also be channelled towards debt mutual funds, where a fall in interest rates will give the investor good returns. An interest rate fall will boost the prices of bonds that are held by the mutual funds.