SBI Senior Citizens Scheme: If you deposit Rs 15 lakh in SBI’s Senior Citizen Savings Scheme, then every 3 months you will get Rs 60,150 interest. This scheme is specifically designed for senior citizens, offering an interest rate of 7.4% per annum on deposits of Rs 60,150 for a period of three months. The interest rate is applicable to depositing just this much money. We pay interest on a quarterly basis.
Here are some additional important details about the SBI Senior Citizen Scheme (SCSS):
1. Tenure: This scheme has a 5-year tenure that is renewable for an additional 3-year period.
2. Minimum and maximum investment: You can invest as little as Rs 1,000 and as much as Rs 15 lakh.
3. Interest payment: Your bank account receives interest payments every quarter (3 months).
4. Tax benefits: Investments up to Rs 1.5 lakh under this scheme are eligible for tax exemption under Section 80C.
5. Deduction: Tax (TDS) is applicable on deposits in this scheme if the total amount of interest exceeds Rs 50,000 (Rs 40,000 for normal account holders).
6. Eligibility: Only people aged 60 years and above can invest in this scheme.
If you need more information or wish to discuss any particular aspect, let us know.
More about SBI Senior Citizen Scheme (SCSS)
1. Mode of investment: You can deposit in this scheme by visiting any SBI branch using cash, check, or online transfer.
2. Interest rate: Since interest rates can change periodically, it’s a good idea to check the most recent rates before making an investment.
3. Application Process: To apply, you will have to fill out the form, which will require identity proof, residence proof, and age proof.
4. Refinance: When the scheme’s term expires, you can reinvest your deposits.
5. Holiday: If you close the scheme before one year, you will incur penalties.
6. Other Benefits: Since the government backs this scheme, there is no management fee on deposits, making it a safe investment option.
If you have further questions or need any specific information, then visit the official website.
