Looking at the welfare of the senior citizens of our country, the Union Finance Minister will do well to reintroduce the rebate in the railway fares and also exempt GST for health insurance premium in the ensuing Budget. Also, it would be beneficial for these elderly citizens if the rate of interest on bank deposits is increased by 2.5 per cent instead of 0.5 per cent, over and above the regular term deposit interest rates. Taking into consideration the fact that senior citizens deposit their life savings in banks, it would be prudent to increase the deposit insurance cover from the existing Rs 5 lakh to Rs 15 lakh. It will also be a great help if the income-tax exemption limit for seniors (60 to 70 years) is fixed at Rs 3.5 lakh, very seniors (70 to 80) at Rs 5.5 lakh and super seniors (80 to 90) Rs 7.5 lakh.
