enior citizen fixed deposit scheme is an attractive investment scheme for the individuals who are looking for a comfortable life post retirement. With secured returns at attractive interest rates, it is highly preferable for retiree individuals.
With a fixed deposit scheme, you get the most secularized form of investment. You can also opt for premature withdrawal during emergencies against nominal fees. You can simply open an FD account with the most simplified application procedure. Also, you can avail loan against your FD at times of emergency. On the contrary, Senior Citizen Savings Scheme is a government sponsored scheme. Although it functions to provide a regular flow of income to the retirees, it differs in a way that it has a limited tenor unlike the FD scheme which has flexibility in tenor and can be extended too. However, you cannot avail a loan with this investment. Additionally, the SCSS or Senior Citizen Savings Scheme has a cap over investment too, which is absent in case of FD, making it preferable. Altogether, a senior citizen fixed deposit is more preferable option than a Senior Citizen Savings Scheme.
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About Author:Aman is working in the domain of Investment management in one of the top universities. He has published research papers and case studies in Investment and Fixed Deposit marketplace. He is an avid blogger in the domain of Investment management. you can also find him on social networking platforms. Archives
August 2022
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