The government has reported a significant tax windfall of Rs 27,106 crore from senior citizens in the fiscal year 2023-24, with deposits from this demographic doubling in terms of account numbers. An analysis reveals that there are now nearly 74 million senior citizens’ term deposit accounts, collectively holding Rs 34 trillion in deposits. This surge in deposits reflects banks’ efforts to attract funds amid a competitive market, offering higher pricing to incentivize deposits. The share of senior citizens’ term deposits has doubled to 30 percent, up from 15 percent in FY19, indicating substantial growth over the past five years.
Government’s Tax Windfall from Senior Citizens Reaches Rs 27,106 Crore in FY24
![](https://affairsace-media.s3.ap-south-1.amazonaws.com/2024/04/19162902/newindianexpress_2024-03_43e5e144-3da6-40e8-a3ea-fee5cb526c8c_ANI_20240328134822-ezgif.com-avif-to-jpg-converter-860x645.jpg)