INSUBCONTINENT EXCLUSIVE:
Senior Citizen Savings Scheme (SCSS) offered by India Post or Department of Posts and State Bank of India (SBI) senior citizen fixed deposit
(FD) accounts are some of the investment options available for senior citizens
Senior Citizen Savings Scheme (SCSS) can be opened by an individual of 60 years or above
An individual of the age of 55 years or more but less than 60 years who has retired on superannuation or under VRS (Voluntary Retirement
Scheme) can also open SCSS account, according to India Post's official website- indiapost.gov.in
For opening a senior citizen fixed deposit account with SBI, an individual should be at least 60 years or more
(: Post Office Offers Senior Citizen Savings Scheme: 10 Things To Know)Interest RatesSenior Citizen Savings Scheme (SCSS) offers an interest
rate of 8.7 per cent per annum, payable from the date of deposit of March 31/ September 30 / December 31 in the first instance and
thereafter, interest shall be payable on March 31, June 30, September 30 and December 31, according to India Post's website.While, the
interest on SBI senior citizen fixed deposit rate for various tenors is 0.50 per cent higher than the interest rate offered to general
For example- if an individual invests up to Rs 2 crore, interest rate of 6.25 per cent is offered for a period of seven days to 45 days and
maximum interest to senior citizens of 7.35 per cent is offered on investment for a period of five years and up to 10 years.Given below are
the latest interest rates offered by SBI on FDs up to Rs 2 crore for senior citizens:
