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.
The Post Office offers Term or Time Deposit schemes of tenures of 1 year, 2 years, 3 years and 5 years. The interest rate ranges from 6.9 to 7.5 per cent.
Income Tax Returns 2024: Senior and super senior citizens are eligible to avail of numerous tax benefits as offered by Income Tax Act, 1961. Some of the prominent ones are the Senior Citizens Savings Scheme, National Pension Scheme, senior citizen bank FDs, ELSS, among others.
The State Bank of India (SBI) has extended the deadline for applying for SBIWeCare. The scheme is available on fresh deposit and renewal of maturing deposits.