The central government has implemented the Pradhan Mantri Vayu Vandan Yojana (PMVVY) for senior citizens.
Senior Citizens Savings Scheme: At the turn of the age, when earnings are reduced and expenses continue to increase with time, at that point it becomes difficult to spend your life comfortably in front of the Senior Citizen. In such a situation, the investment made in youth becomes the stick of old age.
If you have been in some government service, then senior citizen pension scheme becomes your support in old age. Apart from this, the return on investment made in youth is very useful in old age. Apart from all these, it is also important that where and how you invest your accumulated capital, from where regular income continues, as well as the benefit of tax exemption.
Also Read: Bank FD Vs Post Office FD: Where To Invest To Get High And Assured Returns?
There are many savings plans for this (Saving Plans for Senior Citizens). Some banks also offer high interest schemes for senior citizens. Major private and private banks of the country have launched special FD schemes for senior citizens, where the interest is more than the normal savings account. Apart from this, there are many schemes of the post office as well, from where good returns can be obtained.
Here we know that there is a post office, bank FD or any other scheme for Senior Citizens where higher returns are received.
Special Citizen FD Interest Rate for Senior Citizens in Banks
Several banks in the country, including State Bank of India (SBI), HDFC Bank (HDFC BANK) and ICICI Bank (ICICI BANK), have offered higher interest on FDs for senior citizens.
SBI has started a scheme named SBI Wecare Deposit. Under this scheme, senior citizens get 0.30 percent more interest. But here the period of deposits should be at least five years. At present, SBI is giving 0.50 percent more interest rate to senior citizens on all term deposits. After this scheme, senior citizens will get 0.80 percent more interest on term deposits of five years or more.
ICICI Bank has launched ICICI Bank Golden Years FD scheme for senior citizens. Under this scheme, senior citizens are being given an interest of 6.55 per cent per annum on deposits up to Rs 2 crore for a period ranging from five years to 10 years.
Senior Citizen Savings Scheme
Higher interest is being given on the savings scheme for senior citizens in the post office. Money can be deposited in a multiple of 1000 rupees in the post office. 7.4 percent interest is being given on the deposits of senior citizens in the post office. A maximum of Rs 15 lakh can be deposited here. The maturity period is 5 years. Under SCSS, a person 60 years or older can open an account. If someone is 55 years or more but less than 60 years old and has taken VRS, then he can also open an account in SCSS.
Pradhan Mantri Vaya Vandana Yojana
The central government has implemented the Pradhan Mantri Vayu Vandan Yojana (PMVVY) for senior citizens. In this scheme, the central government gives a grant. Under this scheme, senior citizens get pension in fixed amount for 10 years. The central government is currently paying 7.4 percent interest on it. Investments in this scheme are made through Life Insurance Corporation of India (LIC).
