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SBI, Post Office Saving Schemes, Investing here for Senior Citizen is more beneficial

There are two reasons why senior citizens prefer to invest in FD, the first is low risk and the second is the assured return.

Fixed Deposit- FD is the safest and assured return investment. In recent times FDs have lost their appeal due to low interest rates. Despite this, senior citizens prefer to invest in FD. There are two reasons for this. The first is low risk and the second reason is assured returns. Another advantage of FD is that you can withdraw your money if needed. However, customers get less interest when withdrawing before maturity. Apart from this, senior citizens also invest money in many savings schemes of the post office. Know that it is more beneficial for senior citizens to invest money in FD of SBI, the country’s largest bank, or they will get more benefits by investing in post office savings schemes…

SBI is giving so much interest

SBI Bank is giving 3.40% interest to senior citizens on FD maturing in 7 days to 45 days. At the same time, 4.40 percent interest is being received on FDs maturing in 46 to 179 days. Interest is getting 4.90% on FD maturing in 180 days to 210 days and 4.90% on FD maturing within 211 days. The senior citizen gives 5.40% interest on FDs maturing from 1 year to 2 years, 5.60% on FDs between 2 years and 3 years and 5.80% interest on mid term FDs of 3 years to 5 years. At the same time, 6.20% interest is being given on long-term FDs from 5 years to 10 years.

30 basis points more interest under special FD scheme

Like SBI, most banks give 50 basis points more interest to the elderly on FDs. Apart from this, SBI has promised to give 30 basis points more interest to senior citizens if they invest money under the special FD scheme of SBI. This benefit will be given to the elderly on FD up to Rs 2 crore. However, 30 basis points will not get much interest if you withdraw money before maturity.

SBI Flexi Deposit: Pay in desired installments, understand the specialty of the scheme

Post Office Small Saving Schemes

The central government has not made any changes in the interest rates of post office savings schemes in this quarter. People will continue to get 7.10% interest on PPF and at the rate of 7.40% on Senior Citizen Saving Scheme (SCSS). Let us tell you that on the basis of the returns on government bonds, the central government updates the interest rate of post office saving schemes at the beginning of every quarter. Interest rates on post office savings schemes range from 5.5% to 6.7%. At the same time, interest is getting 6.6% on 5 year monthly income scheme, 6.8% on National Savings Certificate (NSC) and 5.8% on RD.

Which option is better for investment

Right now SBI is giving 5.40% interest on FD of 1 year, while post office is getting 5.5% interest on FD of this period. Not only this, SBI is giving an interest of 6.2% on FDs getting matured in 5 years, but this interest rate is quite low when compared to post-op saving schemes and NSC. Small savings schemes of post offices are giving better returns to senior citizens than FDs in banks. Apart from this, they also get the benefit of income tax benefit in these schemes

Parvesh Maurya
Parvesh Maurya
Parvesh 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 @
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