Saving Scheme: For senior citizens, 5 years post office FD or SCSS, these two options are better. In such a situation, post office FD or 5 years SCSS scheme, which scheme is a better option for senior citizens to invest in? Let us know about it in detail…
Senior Citizen Savings Scheme: Senior citizens have the biggest strength with their savings, hence they look for those ways of investment where they can get guaranteed returns. FD is an excellent means of investment for most senior citizens. But Senior Citizen Savings Scheme (SCSS) is also one such scheme, which can give better returns on investment to the elderly. But one has to invest in this scheme for 5 years.
Which scheme is best?
Both FD and SCSS schemes are different and the interest on both is also different. Which scheme is better for senior citizens depends on their needs and for how long they want to invest the money. If you want to invest for 1, 2, 3 years then you can choose the option of FD. You will get the option of FD both at post office and bank. From there you can compare the interest rates and choose a better option for yourself.
If we talk about post office FD, then here you will get the option of 1, 2, 3 and 5 years FD. 6.9% interest will be available on 1 year FD. Interest will be available at 7% on 2 and 3 year FD and 7.5% on 5 year FD.
Talking about SCSS, the interest rate on it is 8.2%. If we compare 5 year FD and SCSS, then SCSS is a profitable deal. Minimum deposit of Rs 1000 and maximum of Rs 30 lakh can be made in SCSS. Earlier the maximum investment limit was Rs 15 lakh.
The deposited amount matures after 5 years from the date of account opening. Any person whose age is 60 years or more can invest in this scheme. Apart from this, people in the age group of 55-60 years who have taken VRS and retired defense personnel, whose age is minimum 60 years, can invest in this scheme.
