No risk whatsoever: Most of the people prefer to have a fixed deposit in the bank as it does not involve any kind of risk. Due to lack of risk, people like to invest a lot in it. This is a very good option especially for senior citizens, in which they try to get more benefits by investing.
Higher interest rate is available in small savings schemes
Let us tell that senior citizens get the benefit of higher interest rates in small savings schemes. This scheme is very attractive to the Senior Citizens Savings Scheme (SCSS). In this, senior citizen customers get the benefit of 0.50-0.75% interest rate.
According to the information received, from July to September 2023, the government has kept the interest rates of the SCSS scheme the same. Customers are getting the benefit of 8.2% interest rates. Customers can deposit money in multiples of Rs 1000/- with a maximum limit of Rs 30 lakh. Individuals above 60 years can invest in it.
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