Senior Citizen Fixed Deposit.
The Senior Citizen Deposit Scheme typically refers to a financial product offered by Sanmati Sahakari banks or financial institutions that is specifically designed for senior citizens (usually defined as individuals aged 60 years and above). These schemes are aimed at providing senior citizens with a stable and secure investment option that offers regular income.
Key features of a Senior Citizen Deposit Scheme may include:
- Higher Interest Rates: Banks often offer higher interest rates on deposits made by senior citizens compared to regular deposit rates. This is done to attract savings from senior citizens who may be looking for stable returns on their investments.
- Safety and Security: Since these schemes are offered by banks or reputed financial institutions, they generally come with the assurance of safety and security of the deposited amount.
- Minimum and Maximum Deposit Limits: There may be minimum and maximum limits on the amount that can be deposited under these schemes, varying from bank to bank.
- Tax Benefits: In some cases, senior citizens may also enjoy tax benefits on the interest earned, up to a certain limit prescribed by tax laws.