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HomePersonal FinanceGovernment Schemes: Post office FD or SCSS, which scheme is better for...

Government Schemes: Post office FD or SCSS, which scheme is better for senior citizens?

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Government Schemes: The biggest strength that senior citizens have is their savings, so they look for investment methods where they can get guaranteed returns. FD is an excellent investment vehicle for most senior citizens.


But Senior Citizens Savings Scheme (SCSS) is also a scheme which can give better returns on investment to the elderly.

But you will have to invest in this scheme for 5 years. In such a situation, post office FD or 5 year SCSS scheme, which scheme is a better option for senior citizens to invest in? Know about it here.

Which plan is best?

Both FD and SCSS schemes are different and the interest on both is also different. Which scheme is better for senior citizens?

It depends on their need and for how long they want to invest the money. If you want to invest for 1, 2, 3 years.

So you can choose the option of FD. You will get the option of FD both at post office and bank. From there you can compare interest rates and choose the best option for you.

If we talk about post office FD, here you will get the option of 1, 2, 3 and 5 years FD. 6.9% interest will be available on 1 year FD. 7% interest will be available on 2 and 3 year FD and 7.5% interest on 5 year FD.

Talking about SCSS, the interest rate on it is 8.2%. If we compare 5 year FD and SCSS, SCSS is a profitable deal.

A minimum of Rs 1000 and a maximum of Rs 30 lakh can be deposited in SCSS. Earlier the maximum investment limit was Rs 15 lakh.

The amount deposited matures after 5 years from the date of account opening. Any person who is 60 years of age or above can invest in this scheme.

Apart from this, people in the age group of 55-60 years who have taken VRS and retired defense personnel, whose age is minimum 60 years, can invest in this scheme.

Pravesh Maurya
Pravesh Maurya
Pravesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @ businessleaguein@gmail.com
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