dear sir, my mother is 79 and she has yearly pension of about 2.1 lakhs and yearly interest from FD is about 47 lakhs , is she eligible for submission of 15H , please

Ans: It's heartwarming to see your concern for your sister's well-being, especially given her health condition. Depositing an additional amount in her name under the Senior Citizens Savings Scheme (SCSS) can indeed provide her with financial security during her retirement years.

As for the nomination process, nominating your daughter and her grandchildren as beneficiaries is a thoughtful gesture. However, there might be some considerations to keep in mind:

Consent: Ensure that your sister is aware of and agrees to the nomination arrangement. It's essential to respect her wishes and ensure that she is comfortable with the decision.
Legal Requirements: Verify if there are any specific legal requirements or restrictions regarding nominees for SCSS accounts. While nominating family members is common, it's prudent to confirm compliance with applicable regulations.
Contingency Planning: Consider discussing contingency plans with your daughter regarding the management of the funds in case of your sister's demise. This ensures a smooth transition and effective utilization of the funds for your sister's intended beneficiaries.
Documentation: Complete all necessary paperwork accurately and ensure that the nomination details are correctly recorded in the SCSS account documents.
Consulting with a financial advisor or legal expert can provide personalized guidance tailored to your sister's situation and help navigate any potential hurdles or concerns. Your proactive approach to securing your sister's financial future demonstrates care and foresight, and with careful planning, you can ensure that her needs are well-addressed.

Ans: No.

Ans: Based on the information provided, with a current monthly expense of Rs. 50-52k, a total fixed deposit of Rs. 5 crore, and two estate investments valued at Rs. 3.3 crore, you are in a strong financial position. The annual premium of Rs. 1 lakh for HDFC Sanchay Par and Plus policies is also factored in.

To estimate the corpus required at the age of 85, we would need to consider inflation, returns on your FD and other investments, and your future healthcare needs. However, with the assets and income sources mentioned, it appears that your current financial setup should comfortably support your retirement until 85, assuming proper management and adjustments to inflation.

For a detailed, customised analysis based on your exact needs and financial goals, I recommend speaking with a Certified Financial Planner (CFP) who can tailor the strategy specifically for you.

Best Regards,

K. Ramalingam, MBA, CFP,
Chief Financial Planner
www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

Ans: Hello;

The current maximum monthly pension payable under EPS is Rs. 7500/-.

So getting 15 K monthly pension is not possible.

The EPF fund which she will receive after retirement may be invested in an immediate annuity/bank FD/POMIS to get additional monthly income.

Best wishes;