Senior Citizen Savings Scheme: This government savings scheme is very useful for senior citizens, they get better interest!

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The government launches various schemes to cater to the needs of different sections of the population including senior citizens.

After retirement, the most important need is financial stability, and hence, savings plans that provide maximum benefits become essential.

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Generally, elderly individuals looking for investment opportunities that involve minimal risk while providing favorable returns. The government has launched a scheme specially designed for senior citizens, known as the “Senior Citizens Savings Account Scheme”.

Individuals aged 60 years and above can invest under this scheme, with the option to invest up to a maximum of Rs 30 lakh.

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You can invest in this scheme initially for five years and after that, you can extend it for an additional three years.

The scheme offers an annual interest rate of 8.2%, which is more attractive than fixed deposit interest (FDI), and it also comes with tax benefits.