SCSS vs. FD: Here, we have compared the interest rates offered by the Senior Citizens Savings Scheme (SCSS) and bank fixed deposit rates with 5-year tenure for senior citizens and other important features.
The maximum deposit limit for Senior Citizen Savings Scheme has been enhanced to ₹30 lakh from ₹15 lakh and it has been made effective from April 1, 2023.
Opting for tax-saving schemes such as PPF, FD, SSY, SCSS, and NSC can represent an intelligent approach to accumulating wealth for your future, accompanied by substantial tax advantages.
The elderly prefer bank-fixed deposits or post office schemes for savings. The Senior Citizen Savings Scheme (SCSS) is popular, offering a guaranteed interest rate of 8.2% for 5 years