Compare SBI Senior Citizen FD and SCSS to see which is more popular and learn about the benefits and drawbacks of each

 Compare SBI Senior Citizen FD and SCSS to see which is more popular and learn about the benefits and drawbacks of each

SBI elderly persons FD vs. SCSS: Senior Citizens Savings Scheme and SBI Senior Citizens FD Scheme are both secure programs administered for elderly persons. Find out which article is generating the most attention.

For elderly persons, bank savings accounts and the Post Office elderly Citizen Savings Scheme (SCSS) are regarded as excellent investment choices. This is so since none of these strategies carries a financial risk. In addition, older residents may also benefit from the monthly payment option offered by both programs.

In order to determine whether senior citizen bank offers more investment rewards, we will compare the SCSS and SBI Senior Citizen Bank FD in this post.

Scheme for Senior Citizen Savings (SCSS)

For October through December, the Senior Citizen Savings Scheme will have an interest rate of 8.2 percent, according to a Central Government announcement. This indicates that the government now offers an annual interest rate of 8.2 percent on the senior citizen savings program. This plan is open for investment for a period of five years. Additionally, it may be extended for an additional three years after the initial five-year period.

The interest rate is fixed until the investment matures after it is made. Interest is paid beginning with the deposit period and continuing every quarter. The minimum amount you may invest in this plan is Rs 1000, and the highest amount is Rs 30 lakh. This plan is only available to people who are 60 years of age or older. This scheme's greatest benefit is that it offers income tax exemption under Section 80C.

Senior Citizen FD at SBI Bank

At the moment, older folks who have a 400-day Amrit Kashal FD are eligible for 7.6% yearly interest from SBI. This scheme's benefits are available until December 31st. The lack of an income tax exemption for investments in foreign direct investment (FD) is its greatest drawback.