The retired senior residents exclusively rely upon Fixed Deposits or FDs for running their homes. In any case, we are living in a remarkable time where a sudden pandemic has made devastation in our lives. To be in a security net, have a plan that gives guaranteed returns and with national banks slicing financing costs to battle the downturn, there is an alluring speculation choice for older folks in our family called the Senior Citizens Savings Scheme. Senior Citizens Saving Scheme (SCSS) is an administration-supported retirement benefits plot that permits older individuals in India to store a lot of cash in the program and along these lines, get customary pay. The plan gives a yearly return pace of 7.4 percent.
To be qualified to put resources into such a plan, the individual ought to have accomplished a period of over 60 years. In any case, there is one exemption too as the individuals who are matured between 55 years and 60 years can likewise make accounts under this arrangement on the off chance that they have picked intentional retirement. This plan is likewise up for use by resigned military individuals who are more than the age of 50.
As far as putting resources into that plan, a base measure of Rs 1,000 is expected to open a record and the greatest can go up to Rs 15 lakh. The saved sum should be in the products of Rs 1,000 and there are choices of making shared services too in the plan. As far as returns, the Senior Citizens Savings Scheme gives the most noteworthy pace of revenue at 7.4% and it is paid on the initial business day April, July, October, and January, every year. The records made under the Senior Citizens Savings Scheme accompany a five-year breaking point and it tends to be additionally reached out for extra three years.
Image Credit: The Economics Times