HDFC Bank SCSS: Best Investment Scheme for Senior Citizens

Written By: Mobin

Investors in SCSS get 8.2% annual interest. This rate is fixed by the government and interest is paid on quarterly basis.

Benefits

Individuals aged 60 years and above, people retired at 55 years and defense personnel retired at 50 years are eligible for this scheme.

Eligibility

Investment in SCSS is eligible for tax exemption under Section 80C of the Income Tax Act.

Tax Benefits

The minimum period of investment in this scheme is 5 years, which can be extended by 3 years.

Lock-in Period

Application for SCSS can be made at any branch of HDFC Bank. The bank will provide seamless service to the customers.

Application

SCSS is also operated by other major banks like SBI, ICICI, PNB and Bank of Baroda.

Other Banks

HDFC Bank also offers other government schemes like PPF and Sukanya Samriddhi.This government scheme offers safe investment and attractive interest rate to seniors.                                       

Government Schemes

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