Best Senior Citizen Savings Scheme In India | Sr Citizen Investment Schemes

Best Senior Citizen Savings Scheme In India

Everyone must consider about pension plan as well as other investment options. So we are here with Best Senior Citizen Savings Scheme In India, which helps you to choose your Senior Citizen Investment Schemes. Pension plan Investment can be executed in two ways. The first one is through depositing a lump sum amount afterward receiving the money as monthly payouts inclusive of interest received; and the second one is by depositing money quarterly that will be offered either as monthly or lump sum which is depending on your choice.

Best Senior Citizen Savings Scheme In India

These plans are appropriate for above than 60 years aged persons. After the retirement it is really typical to manage pre-retirement lifestyle due to low income. You can use a better investment portfolio in place of savings account which is now older investment tool. It is most vital to have a good investment plan which assists you to maintain all the requirements of life.

Senior Citizen Investment Schemes

Fixed Deposits

The most convenient and reliable option for investing your money is Fixed Deposits. It permits to customers that they can use long term savings or short term savings as per their convenience. The deposit tenures are available for time period of 7 days to 10 years. FDs are the best idea for investing their money because their source of income is limited. Banks also provide better interest rates for the benefit of senior peoples. All banks offers following interest rate on FDS.

Fixed Deposits With Bank Tenure (Min-Max) Senior Citizen FD Rates
State Bank of India 7 days-10 years 5.50% p.a. to 7.75% p.a.
Indian Post Office 1 year-5 years 7.10% p.a. to 7.90% p.a.
HDFC Bank 7 days-10 years 4.00% p.a. to 8.00% p.a.
ICICI Bank 7 days-10 years 4.50% p.a. to 8.00% p.a.
Axis Bank 7 days-10 years 3.50% p.a. to 8.00% p.a.
Punjab National Bank 7 days-10 years 4.75% p.a. to 8.00% p.a.
Bank of India 7 days-10 years 4.50% p.a. to 7.80% p.a.
Canara Bank 7 days-10 years 5.75% p.a. to 8.05% p.a.
Indian Bank 7 days-More than 3 years 5.00% p.a. to 7.75% p.a.
Bank of Baroda 7 days-10 years 5.00% p.a. to 7.80% p.a.

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Senior Citizen Saving Scheme

Senior Citizen Saving Scheme is just like saving accounts. All the facilities are equivalent of saving account. But saving account provides to its customers only 4 % interest rate while a few banks provide 6 to 7 percent interest rate for the specific condition. But using this scheme customer can earn higher interest rate around 9.3%, which is much higher than saving accounts.

Post Office Term Deposit (POTD) Scheme

Looking for a short-term saving scheme then the Post Office Term Deposit (POTD) scheme is the best option. You can invest a minimum amount of Rs 200 and there is no limit for the maximum amount. The interest is depends on your saving amount, but it provides you around 8.2% and 8.5% as per terms and conditions. For this, the range of investment tenures is 1 year to 5 years. If your withdrawal amount before the fixed time, then you have to pay a penalty charge of 2 percent.

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National Savings Certificate

Post office provides the facility of National Savings Certificate (NSC) for senior citizens. It is easily available at your local postal office. You can easily put your money there. It comes under government so your total amount is safe and secure. It is really beneficial for the users.

Equity-Linked Savings Scheme

The biggest advantage of Equity-linked Savings Scheme is that you can earn locking period of 3 years because generally produces locking period of 5 years. Then you can obtain tax benefits.

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Eligibility For Senior Citizens Saving Schemes

  • For Senior Citizens Saving Schemes, applier age must above than 60 years.
  • The maximum tenure of the saving scheme is 5 years but it can be extended.
  • Applier must have retired as per VRS/superannuation and must possess retirement receipt.
  • For the joint account the eligibility criteria also based on above mentioned requirements.

Benefits Of Senior Citizen Saving Schemes

  • Just fill the simple application with required details of your bank and submit it.
  • Indian Government procedure various safe and secure saving scheme.
  • Users are eligible for containing more than one account that means he or she can open multiple accounts.
  • The returns on your SCSS accounts are fabulous because you may earn around 8.6% annually.
  • Users can also earn tax benefit under section 80C.
  • The SCSS investment is enormously affordable and the amount must not exceed than from Rs.15 lakhs and must not less than from 1000.
  • You need only few essential documents like Passport, DOB Certificate, ID proof, Senior Citizen Card etc.

It is nice if you are managing your life and completes daily requirements easily but do you think what happens after the retirement how will you manage all the expenses when you income becomes low. Everyone must think about retirement plans. Senior Citizen Savings Scheme is specially designed for the convenience of the aged persons. Indian government provides various senior citizens saving scheme for the convenience of senior citizen. If you have your account and savings, then you need not to depend on anyone.

 

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