Senior Citizens Investment Scheme: You can get 45 lakhs on investment for 5 years in this scheme, Get the Full details Here ! 

Senior Citizens Investment Scheme: Elderly people do not want to take any form of risk with their savings. As a result, they like using fixed deposits to invest their savings. Learn about SCSS, which offers interest rates even higher than FD.

Senior Citizens Investment Scheme: Older adults do not want to incur any form of risk with their savings. As a result, people would rather put their savings into fixed deposits, where they can be sure of receiving interest and having their money safe. On the other hand, the Senior Citizens Savings Scheme, or SCSS, may be a better choice if you wish to put money into a fixed deposit for a longer time. In this scheme, interest is being given at the rate of 8.2 percent. Know about the benefits of this Senior Citizen Savings Scheme and the interest available on 5 year FD in major banks-

How much of a deposit is possible

Senior Citizens Investment Scheme: One can begin investing in SCSS with as little as Rs 1000. The deposit amount is limited to Rs 30 lakh. The money is deposited into the plan in multiples of 1000. It takes five years for it to mature. After the deposit sum matures, the depositor may choose to prolong the account’s term for an additional three years. When it matures in a year, it can be prolonged. The interest rate that is in effect on the date of maturity will be applied to the extended account.

Age limit for retired soldiers

Senior Citizens Investment Scheme: Anyone who invests in this programme and is at least 60 years old can profit. Employees of the civil sector government receiving VRS and those retiring from the armed forces are eligible for age relaxation under specific guidelines. You can open this account alone or jointly with your spouse. SCSS members are eligible for the section 80C tax exemption

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Be aware of the return on your investment.

Senior Citizens Investment Scheme: You would receive a total of Rs 1,41,000 after five years if you deposit Rs 1 lakh in this scheme. You would receive Rs 2,82,000 if you invest Rs 2 lakh and Rs 7,05,000. If you invest Rs 5 lakh. You will receive Rs 14,10,000 for a deposit of Rs 10 lakh. You would receive Rs 28,20,000 for a deposit of Rs 20 lakh and Rs 42,30,000 for a deposit of Rs 30 lakh.

How much interest can senior citizens get in banks on 5-year FD?

  • SBI: 7.25%
  • PNB: 7:00%
  • HDFC: 7:50%
  • ICICI: 7:50%
  • Axis: 7:60%
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