A State Bank of India report highlights a significant rise in senior citizen term deposits, doubling over five years to 30% in FY24. With 74 million accounts and Rs 34 lakh crore combined, initiatives like SCSS and bank offerings drive this growth. SCSS, with an 8.2% interest rate and Rs 30 lakh deposit limit, sees an 89% increase in H1 FY24. Banks offer special rates, while schemes like APY aim to bolster financial security for seniors, now boasting 5.46 crore subscribers and Rs 34,781 crore assets. The report suggests tax rebates for senior citizens’ interest income to ease fiscal burdens.