Most of the senior citizens want to secure their lives post-retirement. Bank Fixed Deposits and Post Office saving schemes are the best options for them to secure their future and to earn a regular income.Both the Senior Citizen Savings Scheme and SBI Special FD scheme can be opened by an individual above 60 years of age.
In SBI senior special FD scheme, An individual can invest a maximum amount of Rs 15 lakhs, individually or jointly in an SCSS account (in multiples of Rs 1,000). And the main feature is the account shall be opened with a minimum deposit of one thousand rupees or any sum in multiple of one thousand rupees not exceeding Rupees Fifteen lakhs.The Senior Citizens Savings Scheme (SCSS) is only for the senior citizens of India. The scheme offers a regular income with the highest of safety and tax-saving benefits.
One of the most attractive factors is the interest rate. The interest rate applicable to the Bank Fixed Deposit will be 6.20%. And if a senior citizen puts a fixed deposit under the Senior Citizen Savings Scheme, it offers interest of 7.4 % per annum.
The interest rate on SBI Senior Citizen special FD is payable with 5Years & above” tenor only. But in the case of SCSS, The deposit amount matures after 5 years from the date of account opening but can be extended once by an additional 3 years.
