SCSS vs Senior Citizen FD Scheme: There is a large population of senior citizens in the country, who like to invest risk free. Generally, most banks offer more interest on fixed deposit schemes to customers above 60 years of age than to normal customers. Apart from this, the post office is also offering strong returns on deposits to the customers through the Senior Citizen Saving Scheme. In such a situation, if you are thinking of investing in Senior Citizen Savings Scheme and any one of the top banks, then we are telling you about the interest rates available on both.
So much interest is being received on Senior Citizen Saving Scheme
Under the Post Office Savings Scheme, Senior Citizen Saving Scheme, senior citizens are getting the benefit of interest rate at the rate of 8.20 percent on the deposited amount. Under this scheme you can invest from Rs 1,000 to Rs 30 lakh. The government decides the interest rate of this scheme on a quarterly basis and credits it in the account. Under this scheme you can invest money for a total of 5 years. By investing in this, you get a rebate of Rs 1.5 lakh under Section 80C of Income Tax.
SBI FD Scheme
State Bank of India is offering interest rates ranging from 3.50 percent to 7.50 percent on FDs of 7 days to 10 years to its senior citizen customers. Whereas the bank is offering maximum interest of 7.60 percent to senior citizens under Amrit Kalash Scheme (400 day FD scheme)."text-align: justify;">FD Scheme of Bank of Baroda
Large public sector bank i.e. Bank of Baroda is offering interest rates ranging from 3.50 percent to 7.50 percent to senior citizens on FDs ranging from 7 days to 10 years. Whereas the bank is offering maximum interest rate of 7.75 percent on FD scheme for 2 to 3 years.
HDFC Bank FD Scheme
HDFC Bank, the largest private sector bank, is offering 3.50 percent to 7.75 percent interest rate to senior citizens for FD for tenure ranging from 7 days to 10 years. The benefit of maximum interest i.e. 7.75 percent interest is available only on FD scheme for 5 to 10 years.
ICICI Bank FD Scheme
ICICI Bank is giving the benefit of 0.50 percent additional interest rate to senior citizen customers as compared to general customers. General customers are getting interest rates ranging from 3.50 percent to 7.50 percent on FD schemes ranging from 7 days to 10 years. Whereas the benefit of maximum interest rate is available on FD schemes ranging from 15 months to 2 years.
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