Several schemes are run by the Government of India and various banks for senior citizens, of which SBI Senior Citizen Savings Scheme (SCSS) and SBI every household is the Lakhpati Scheme. These schemes are designed to provide financial security and regular income to senior citizens. In this article, we will learn about these plans and understand their benefits.
These schemes not only provide financial security for senior citizens, but also give them a safe way to save for the future. The SBI Senior Citizen Savings Scheme has the opportunity to submit a large fund through high interest rates and regular savings in every home millionaires of SBI. Senior citizens can make their lives financially safe through these schemes.
Civil savings scheme (scss)
SBI Senior Citizen Savings Scheme (SCSS) is a popular scheme supported by the Government of India, providing regular income and financial security to senior citizens. Following are the main features of this scheme:
| Speciality | Description |
| Age limit | 60 years or more; Retired people between 55-60 years are also eligible |
| input range | Minimum ₹ 1,000, Maximum ₹ 15 Lakh |
| Interest rate | 8.20% per year (quarterly compound and deposited) |
| Maturity period | 5 years (three times expansion possible for 3 years) |
| tax benefits | Income tax up to ₹ 1.5 lakh is tax free (under Section 80C) |
| Account type | Individual or joint account (with spouse) |
Benefits and features
- Regular income: Investing in SCSS provides quarterly interest to senior citizens, which makes their lives financially safe.
- Safe investment: The scheme is supported by the Government of India, which makes it a safe investment option.
- Tax Benefits: Investment in SCSS provides the benefit of tax exemption under Section 80C, which saves income tax.
SBI every house millionaire scheme
Every home of SBI is a Recurring Deposit (RD) scheme, which provides an opportunity to deposit large funds from small investment. The following are the main points of this scheme:
| Speciality | Description |
| Minimum monthly deposit | ₹ 100 |
| Suggested monthly deposit | ₹ 591 |
| Maturity period | 1 to 10 years |
| Interest rate | 6.5% to 7% (for general investors), 7.25% (for senior citizens) |
| Risk level | Zero (safe investment) |
Benefits and features
- Small savings, big funds: In this scheme, a large fund can be deposited in future by depositing small amount every month.
- Safe investment: This scheme is also safe as it is operated by India’s largest government bank.
- Special interest rate for senior citizens: Senior citizens get a higher interest rate in this scheme, which is particularly beneficial for them.
Investment options for senior citizens
Investing is an important decision for senior citizens, in which they consider various options to make their future safe. SBI Senior Citizen Savings Scheme and SBI’s every house Lakhpati Scheme are suitable for senior citizens, as they provide safe and regular income.
Some important things for investment
- Safe investment: Senior citizens should always select safe investment options, such as government -backed schemes.
- Regular income: SCSS with quarterly interest schemes such as SCSS is suitable for regular income.
- Tax Benefits: It is beneficial to choose schemes under Section 80C to get tax benefits on investment.
Investment process and necessary documents
It is easy for senior citizens to invest in these schemes. The following are the documents required to invest in SBI Senior Citizen Savings Scheme:
- Age Certificate: Birth Certificate, PAN Card, Voter ID Card, etc.
- Identity Certificate: PAN card, passport, voter ID card, etc.
- Address certificate: Aadhaar card, ration card, passport, etc.
- Photo: A passport size photo.
These documents are also required to invest in every house millionaire scheme of SBI, as well as you have to go to the bank or open an RD account through online.
conclusion
For senior citizens, both SBI Senior Citizen Savings Scheme and SBI’s every household scheme are both beneficial. By investing in these schemes, senior citizens can make their future financially safe. These schemes are not only safe, but also provide regular income and tax benefits.
Disclaimer: The information given in this article is only aimed at general knowledge and education. This information is not an option for any financial advice. Specific information is not available about every home of SBI Lakhpati scheme, so it should not be considered as a real plan. It would be appropriate to consult a financial advisor before the actual investment.
