SBI's Wicker Deposit Scheme for Senior Citizens Extended till March 31
If you invest for 5 years under this scheme, you will get 6.20% interest
State Bank of India (SBI) has extended the 'Weaker' deposit scheme for senior citizens till March 31. In such a situation many people are thinking of investing in it. If you also want to invest somewhere in it, you should first know about the Post Office Senior Citizen Savings Scheme. Today we are telling you about both these schemes so that you can invest in the right place at your own expense.
SBI's Wicker Scheme
State Bank of India (SBI) has recently launched a new deposit scheme for senior citizens called SBI Wicker.
The scheme offers higher interest to senior citizens on fixed deposits of 5 years or more.
The new SBI scheme offers an additional premium interest of 30 basis points on deposits (FDs) of 5 years or more.
Senior citizens will get 0.50% higher interest than the general public on retail term deposits of less than 5 years.
Retail term deposits of 5 years or more will earn 0.80% interest, including an additional 0.30% interest.
If you invest under this scheme for 5 years now, you will get 6.20% interest.
No higher interest will be paid on withdrawals before maturity. Only customers who register in the scheme within the stipulated period will get the benefit.
The scheme can now be invested in till March 31. Prior to that, the deadline was December 31. Only customers who register under this scheme will benefit during this period.
Senior Citizen Savings Scheme
However, VRS recipients who are over 55 years of age but under 60 years of age can also open this account.
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The money invested in the Senior Citizen Savings Scheme earns an annual interest of 7.4 per cent.
Investments under this scheme are eligible for tax exemption under Section 80C.
The interest under this scheme is earned on quarterly basis and is credited to the first working day of April, July, October and January.
The maturity period is 5 years but premature withdrawal can be done even after 1 year.
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Where to invest?
The Post Office Senior Citizen Savings Scheme is earning 7.4 per cent interest which is higher than SBI's Wicker Scheme (6.2%). Not only this, both the schemes have a lock-in period of 5 years and your money will be safe in both the places. So it would be wise for you to invest in a Senior Citizen Savings Scheme. Here you will find more interest.
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