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.
Senior Citizen Savings Scheme features: The government fixes the interest rate on SCSS every quarter. The government has not hiked the interest rate on SCSS for the January-March 2024 quarter
The government-backed Senior Citizen Savings Scheme (SCSS) is available for those over the age of 60, or 55. The government fixes the interest rate on SCSS every quarter.
Senior Citizen FD Rates vs SCSS: Banks and NBFCs offer FD interest rates of 2.50-9.50% p.a. to senior citizens on tenures ranging from 7 days to 10 years. On the other hand, SCSS, which is a prominent investment tool, offers 8.2% interest.