Senior Citizens Saving Schemes

Senior Citizens Saving Schemes

Senior Citizen Savings Scheme (SCSS) is the instrument of the savings for these who are above the age of 60. The scheme has been introduced to provide the senior citizens with a secure and steady source of income even after their post-retirement. Senior Citizens Saving Schemes are the lucrative savings scheme that offers best returns to its subscribers comparatively. As of June 2020, the SCSS interest rate will be about 7.4%. The risk of capital loss is negligible, and senior citizens above the age of 60 years can easily apply for the scheme.

Key Features Of Products:

  • Quarterly Revision Of Interest Rates – Senior Citizen Savings Scheme interest rate is revised every quarter. Based on several factors like inflation level, prevalent rates in the market, and many others.
  • Fixed Income – Interest rate during the time of investment remains fixed during the maturity tenure.
  • Minimum And Maximum Deposit – Candidate requires to have a minimum deposit of Rs. 1,000 for opening the account in this scheme. Deposit quantum will be about Rs. 15 Lakh
  • Maturity Tenure – Maturity tenure under this policy will be about 5 years, and they can be extended to an additional 3 years
  • Premature Withdrawals Or Account Closure – You can withdraw the amount prematurely one year after opening the account.
  • Quarterly Disbursal – Individuals can easily open the account based on the Senior Citizen Savings Scheme for receiving the quarterly disbursals on the deposited amount
  • Mode Of Deposit – You can deposit your money in cash when it is below Rs. 1 Lakh. You can quickly pay the cheque when your amount exceeds Rs. 1 Lakh.

Benefits To Customers:

  • Senior Citizens Saving Schemes come with the best protection and assertion.
  • The high-interest rate of 7.4% per annum
  • Higher than tax savings instruments in Sector 80C
  • Your account comes with an initial maturity term of 5 years.
  • Account can be extended to another 3 years
  • Investment can be done under the scheme is tax-deductible under Section 80C, of the Income Tax Act, 1961
  • Investment of any amount in multiples of Rs. 1,000 up to the maximum cap of Rs. 15 lakhs
  • Premature withdrawal is available in case of financial emergencies
  • Easy availability

Why Finkart?

Finkart offers the customer-centric approach with unique, secured digital platform. Senior Citizens Saving Schemes offers better coverage at the most affordable price range. You can immediately get emergency assistance with the push of a button from Finkart support.

  • Invest small amounts at fixed intervals
  • Save more with a lower interest rate
  • Start at the lowest price
  • Power of Compounding
  • Become a disciplined investor
  • Light on pocket
  • Expert management