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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Senior citizen FDs vs Senior Citizen Savings Scheme: Check which one offers higher interest rate for senior citizens
Bank fixed deposits (FDs) and the Senior Citizen Savings Scheme (SCSS) offered by India Post are two of the most popular investment options for senior citizens. Many retirees struggle to make a choice between investing in SCSS or bank FD.
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SCSS details
Senior Citizen Savings Scheme is backed by the Government of India, making it risk-free. The tenure of SCSS investment is 5 years (extendable for 3 more years). It qualifies for tax deduction under Section 80C (up to Rs 1.5 lakh investment). There is a maximum investment limit of Rs 30 lakh.
Bank FD details
Bank fixed deposits for senior citizens are covered under Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance up to Rs 5 lakh per depositor per bank. The tenure of FDs can vary between 7 days to 10 years. The 5-year bank FDs qualify for tax deduction under Section 80C (up to Rs 1.5 lakh investment) if booked under tax saving FD. There is no upper limit to invest in fixed deposits, however, interest rates may vary depending on retail or bulk deposit.
Also read: Senior citizen FDs are offering up to 9.5%: Check the current fixed deposit interest rates after RBI cuts repo rate by 25 bps
Here’s a quick comparison of the interest rates on 5-year fixed deposits from top banks and the interest rate provided by India Post on SCSS to help you make an informed choice.
SCSS interest rate
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