The bank is giving the benefit of more interest to the senior citizens as compared to the common men. However, people falling in the category of senior citizens can also invest in the post office scheme Senior Citizens Savings Scheme (Post Office SCSS). This scheme of post office also provides you tax deduction and government security along with very handsome interest.
If you are planning to invest in a savings scheme with less money, then post office savings schemes can prove to be the best for you. However, in the meantime, both government and private banks have increased the interest rate on FDs. The bank is giving the benefit of more interest to the senior citizens as compared to the common men.
However, people falling in the category of senior citizens can also invest in the post office scheme Senior Citizens Savings Scheme (Post Office SCSS) . This post office scheme also provides you tax deduction and government security along with very handsome interest.
Who can open this account
Any Indian individual whose age is 60 years or more can open his account in this scheme. On the other hand, if someone is 55 years old and has taken retirement, he can also invest in this scheme. Under this scheme, minimum 1000 and maximum 30 lakh rupees can be deposited. Also, this scheme gives the benefit of more interest than the FD of many banks.
Post office’s highest interest paying scheme
On the other hand, if we talk about the interest received on this scheme, then the depositors in this post office scheme get the benefit of interest rate of 8.2 percent. Explain that this interest rate is more than the interest available in any post office scheme. Interest under this scheme is paid on 31st March, 30th June, 30th September and 31st December. Apart from this, depositors also get the benefit of tax deduction in this post office scheme. In this scheme, the benefit of tax deduction is given under section 80C of the Income Tax Act 1961.
