New Delhi: Several banks including State Bank of India, HDFC Bank, Bank of Baroda, are offering senior citizens special fixed deposit (FD) schemes, providing higher interest rates on term deposits.
Does HDFC Bank have senior citizen saving scheme?
When it comes to Tax-Saving, Public Provident Fund (PPF) is among the most popular investment schemes available for senior investors. … HDFC Bank offers a wide variety of tax-saving instruments such as PPF, fixed deposits and National Pension Scheme (NPS) that are ideal for retirement planning.
Which bank is best for SCSS?
List of Banks which Offer SCSS Accounts
- United Bank of India.
- Corporation Bank.
- Canara Bank.
- Dena Bank.
- Syndicate Bank.
- Central Bank of India.
- UCO Bank.
- Union Bank of India.
What is the interest rate for senior citizen in HDFC Bank?
HDFC Bank FD Rates for Senior Citizens
|Tenure||Interest Rate for senior citizens|
|30 days to 90 days||3.50%|
|91 days to 6 months||4.00%|
|181 days to 364 days||4.90%|
Is SCSS available in banks?
Tax Benefit- Under section 80C of the Income Tax Act, SCSS is eligible for a tax deduction of up to Rs. 1.5 Lakh per annum. Simple Investment Process: The process of investing in SCSS is quite simple. You can open an SCSS at any authorized bank or any post office in India.
Is SCSS or PMVVY better?
But, in SCSS, one’s interest rate may vary on the quarterly basis while in PMVVY, one’s interest rate is fixed at the time of investment for the entire investment period.” Jhaveri said that in SCSS, investment period is for five years while in PMVVY, the investment period is 10 years.
Is NSC or SCSS better?
National Savings Certificate (NSC): NSC is offering an interest of 6.8%. By investing in NSC, you will be able to double your money in 10.58 years. Senior citizens savings scheme (SCSS): SCSS is offering an interest rate of 7.4%. You will be able to double your money in 9.72 years.
Can husband and wife both invest in SCSS?
Ans: Yes, one can open a joint SCSS account with his/her spouse only and the maximum amount that can be invested in it is Rs. 15lakhs only.
Which bank has highest FD interest rate?
Fixed Deposit Interest Rates by Different Banks
|ICICI Bank||7 days to 10 years||4% to 7.25%|
|Punjab National Bank||7 days to 10 years||5.70% to 6.85%|
|HDFC Bank||7 days to 10 years||3.5% to 7.40%|
|Axis Bank||7 days to 10 years||3.5% to 7.25%|
Which bank gives highest interest rate for seniors?
The highest interest rate for senior citizens is 6.50% p.a. which is offered by Axis Bank. The next highest interest rate is 5.60% p.a. which is offered by Corporation Bank, which is now Union Bank of India.
What is the interest of 1 lakh in HDFC Bank?
HDFC Bank FDs have tenures ranging from 5 years 1 day to 10 years with maximum rate of interest of 5.50%.
HDFC Bank Fixed Deposit Interest Calculator.
|Tenure||Rates||Maturity Amount for ₹ 1 Lakh|
|181 days to 364 days||4.40% to 4.90%||₹ 1,02,194 – ₹ 1,04,977|
Is SCSS available in SBI?
All the individuals who are eligible to invest in this scheme can invest by opening an SBI SCSS account through any branch of SBI. By this investment, he/she can accumulate a substantial corpus.
Can I invest every year in SCSS?
The SCSS account is transferable across the country. The account is initially opened for a period of five years which can be extended by three years. It is among the safest investment options for senior citizens.
Is SCSS available in Icici Bank?
As a senior citizen, if you still want to save for your retirement, SCSS is the best investment option. You can apply for the scheme through ICICI Bank.