Retired senior residents solely rely upon Fixed Deposits or FDs for operating their home. However, we live in an unprecedented time the place an sudden pandemic has created havoc in our lives. To be in a security internet, you will need to have a scheme that offers assured returns and with central banks reducing rates of interest to combat the recession, there’s a sexy investment possibility for elders in our household known as the Senior Citizens Savings Scheme.
Senior Citizens Saving Scheme (SCSS) is a government-backed retirement advantages scheme that enables aged individuals in India to deposit a big amount of cash within the programme and subsequently, get common earnings. The scheme gives an annual return charge of seven.4 p.c.
To be eligible to spend money on such a scheme, the particular person ought to have attained an age of more than 60 years. However, there’s one exception too as those that are aged between 55 years and 60 years also can create accounts below this plan if they’ve chosen voluntary retirement. This scheme can be up for use by retired navy members who’re more than the age of fifty.
In phrases of investing in that scheme, a minimal quantity of Rs 1,000 is required to open an account and the utmost can go as much as Rs 15 lakh. The deposited quantity should be within the multiples of Rs 1,000 and there are alternatives of making joint accounts too within the scheme.
In phrases of returns, the Senior Citizens Savings Scheme offers the best charge of curiosity at 7.4%Â and it’s paid on the primary enterprise day of April, July, October, and January, annually.
The accounts made below the Senior Citizens Savings Scheme include a five-year restrict and it may be additional prolonged for extra three years.
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