🚂 Current Fix Deposit Rates 🌞 SBI - General Citizen 3% to 7.10% Senior Citizen - 3.60% to 7.60% 🌞 HDFC - General - 3.00% to 7.40% Senior Citizen - 3.50% to 7.90% 🌞 ICICI - General - 3% to 7.10% Senior Citizen - 3.50% to 7.60% 🌞 PNB - General - 3.50% to 7.25% Senior Citizen - 4% to 7.75% 🌞 Kotak Mahindra - General - 2.75% to 7.20% Senior Citizen - 3.25% to 7.70% 🌞 Axis - General - 3.50% to 7.10% Senior Citizen - 3.50% to 7.85% 🌞 Bank of Baroda - General - 3% to 7.25% Senior Citizen - 3.50% to 7.55% 🚂 Current Recurring Deposit Rates 🌞 SBI - General 4.40% to 5.50% Senior Citizen 4.90% to 6.20% 🌞 ICICI - General 3.50% to 5.50% Senior Citizen 4% to 6.30% 🌞 HDFC - General 4.40% to 5.50% Senior Citizen 4.90% to 6.25% 🌞 KOTAK - General 4.30% to 5.20% Senior Citizen 4.80% to 5.70% 🌞 AXIS - General 4.40% to 5.75% Senior Citizen 4.65% to 6.50% 🌞 IDBI - General 7% to 7.15% Senior Citizen 7.50% to 7.65% ☁️ National Pension Scheme - 9% to 12% pa ☁️ Employees Provident Fund - 8.15% pa ☁️ Public Provident Fund - 7.1% pa Senior Citizen Savings Scheme (SCSS)

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Senior Citizen Savings Scheme (SCSS)

 

Senior Citizen Savings Scheme (SCSS) is a savings scheme for senior citizens in India, it’s give good advantages, benefits and security of the money.  It was designed and launched by Government of India in 2004 for to provide guaranteed returns to Senior Citizen.  It is available in all authorized banks and post office in the country.  

Some of the Key features of SCSS 

  • Interest rates: SCSS offers higher interest rates i.e., 8.2% compared to regular savings accounts or fixed deposits, which can provide a stable and secure source of income for senior citizens.
  • Safe and secure investment: SCSS is a government-backed savings scheme, making it one of the safest investment options available to senior citizens.
  • Guaranteed returns: The interest rates for SCSS are fixed at the time of investment and remain constant throughout the tenure of the scheme, ensuring predictable returns.
  • Tax benefits: Investments in SCSS are eligible for tax deductions under Section 80C of the Income Tax Act, up to a maximum limit of Rs. 1.5 lakhs.
  • Low Investment risk: Since SCSS is backed by the government, there is minimal risk associated with the investment.
  • Regular income stream: Senior citizens often rely on their savings for their retirement needs. SCSS allows them to receive regular interest payouts, which can supplement their pension or other sources of income.
  • Flexible tenure and investment amount: SCSS offers a tenure of 5 years, which can be extended for another 3 years. Additionally, there is no maximum investment limit, but the investment amount cannot exceed the total retirement benefits or Rs. 15 lakhs, whichever is lower.
  • Easy accessibility: SCSS is available through post offices and designated branches of authorized banks across India, making it easily accessible to senior citizens.
  • No link with market : SCSS is not link with market and affected by market fluctuations, making it a low-risk  for senior citizens.

      How To Apply for SSCM :

  • Visit the nearest Bank or Post Office.
  • Collect the application form and fill the require information.
  • It is always safe to add nominee while filling the such application form.
  • Verify the KYC documents and submit.

      How To Apply for SSCM :

  • You can invest after the retirement or at the age 60.
  • Minimum amount should be INR 1000 and Maximum INR 30 Lakh can be invest.
  • Defense personnel above 50 years or below 60.

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