Find out here which investment choice is better, Senior Citizen FD or SCSS

A secure investment is what everyone wants. Senior citizens have access to a variety of financial opportunities. Old individuals can easily achieve their financial goals after retirement based on these investing possibilities. If you or any other senior citizens in your home are over 60, you can invest in the Senior Citizen Savings Scheme (SCSS) and Senior Citizen Fixed Deposit.

Retirement Benefit Plan for SCSS

A retirement benefit programme called SCSS enables anyone over 60 to invest a large sum of money and earn significant returns. A better interest rate FD programme is the Senior Citizen FD. Both SCSS and FD have the same lock-in period. However, there are certain distinctions between the two, and as a result, their advantages vary. Tell us which of these two plans will be more suitable for investment.

Features of the Senior Citizen Savings Scheme

• Because this investment programme is backed by the government, SCSS can be regarded as a secure and safe investment programme.
• A tax credit of up to Rs 1.5 lakh is also available to subscribers under Section 80C of the Income Tax Act of 1961.
• This scheme has a five-year maturity period. You can, however, extend it for the following three years.
• It’s simple to open an account with SCSS. Any bank or post office in the nation can be used to open an account. Similar to that, customers can move their SCSS accounts to any branch nationwide.
• Rs 1,000 is the minimum deposit requirement for the scheme. Following that, you can increase it by multiples of Rs 1,000. In a financial year, a maximum investment of Rs 30 lakh may be made.

Senior Citizen FD Scheme

• Banks provide senior citizens with special interest rates compared to regular FDs. The bank typically receives an extra 0.5 percent in interest from senior clients.
• To obtain the interest amount, investors can choose from a variety of methods. These options include monthly, quarterly, half-yearly, and annual possibilities. By taking interest each month, you can raise your monthly income.
• On some FDs, tax advantages are also available. It takes them five years or more to reach adulthood.

What separates the two

• is Senior Citizen Savings Scheme, which is covered by section 80C, offers an interest rate of 8.2% annually. In addition, if you invest in an FD for fewer than five years, you will not receive any tax benefits. The second distinction between these two is that SCSS has an upper investment limit.
• In contrast, FD has no such cap. In addition, FD offers a variety of choices.
  The investor’s financial objectives and the amount of money available to him ultimately determine which of these two investment possibilities he must select.

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