Hindi NewsBusinessSBI WeCare Scheme Vs SCSS Account; Best Investment Options For Senior Citizens
New Delhi15 minutes ago
State Bank of India (SBI) can now invest in the ‘We Care Deposit’ scheme till March 31, 2024. In this scheme, senior citizens are being given additional interest on fixed deposits of 5 years or more. In such a situation, many people are planning to invest in it.
In such a situation, if you are also one of these people, then before investing in it, you should know about the Senior Citizens Savings Scheme Account of the Post Office. Today we are telling you about both these schemes so that you can invest at the right place as per your choice.
SBI’s WeCare Scheme
State Bank of India (SBI) has recently launched a new deposit scheme for senior citizens named SBI WeCare. In this scheme, senior citizens are getting more interest. This scheme has been started under the retail term deposit segment. In this scheme, senior citizens are being given additional interest on fixed deposits of 5 years or more. If you are currently under this scheme for 5 years or more If you invest then you will get 7.50% interest. No additional interest will be given on withdrawal before maturity. Only those customers who register in this scheme within the stipulated period will get the benefit. Now investment in this scheme can be made till 31 March 2024. Only those customers who register under this scheme within the stipulated period will get the benefit. Click here for more information related to the scheme
Senior Citizens Savings Scheme Account
After the age of 60 years or more, the account can be opened by going to the post office. However, a person taking VRS who is more than 55 years but less than 60 years can also open this account. Under this scheme, for 5 years. Money can be invested. After maturity, this scheme can be extended for 3 years. Under this scheme, you can invest a maximum of Rs 30 lakh. You get 8.2% interest annually on the capital invested in the Senior Citizen Savings Scheme. Investing under this scheme gives the benefit of tax exemption under Section 80C. Under this scheme, interest is paid on quarterly basis and is credited on the first working day of April, July, October and January. Maturity period 5 years But premature withdrawal can be done even after 1 year. Click here for more information related to the scheme
Where is the right place to invest?
Post Office Senior Citizens Savings Schemes are offering 8.20% interest which is more than SBI’s WeCare Scheme (7.50%). Not only this, both these schemes have a lock-in period of 5 years, apart from this your money will be safe in both the places. That is why it would be right for you to invest in Senior Citizens Savings Schemes. Here you will get more interest.
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