Elderly Savings Program (SCSS) offered by India Post or Post Department and State Bank of India (SBI) Elderly Fixed Deposit Accounts (FD) are some of the investment options available for the elderly. The Senior Savings Plan (SCSS) can be opened by a natural person aged 60 or over. A person aged 55 or over but under the age of 60 who has retired on a retirement pension or under VRS (Voluntary Retirement Scheme) can also open a SCSS account, according to the official India Post website – indiapost.gov .in. To open a senior fixed deposit account with SBI, a person must be at least 60 years of age or older. (Also read: The Post offers a savings program for seniors: 10 things to know)
Here is a comparison between the savings plan for senior citizens of the post office and the fixed deposit plan for seniors of the SBI:
The Senior Citizen Savings Scheme (SCSS) offers an interest rate of 8.7% per annum, payable from the filing date of March 31 / September 30 / December 31 initially and thereafter, interest will be payable on March 31, June 30, September 30 and December 31, according to the India Post website.
Whereas, the interest on the senior SBI fixed deposit rate for various tenors is 0.50% higher than the interest rate offered to the general public. For example, if an individual invests up to Rs 2 crore, an interest rate of 6.25% is offered for a period of seven days to 45 days and a maximum seniority interest of 7.35% is offered. on the investment for a period of five years. and up to 10 years.
Below are the latest interest rates offered by SBI on FDs up to Rs 2 crore for seniors: