new Delhi. With increasing age everyone wants to secure their future as well. That is why they invest from now on. A number of schemes are being run for Senior Citizens. But most people rely on the Citizens Savings Scheme (SCSS) of the post office. But to counter this, SBI has started the ‘We Care’ scheme. Which will give them more returns. So which of these two schemes is a profitable deal, let’s know.
What is SCSS Scheme
The Citizens Savings Scheme (SCSS) for senior citizens is run by the post office. This is a very popular scheme for investment. People trust it because it gives better returns than FD. Also, there is a 100 percent guarantee of the security of your money. This scheme is for 5 years. Any person who is 60 years old can invest in this scheme. It offers interest of up to 7.4% per annum. You can invest up to 15 lakh rupees in it. For example if you have invested 15 lakhs for 5 years. So the total amount on its maturity will be Rs 21,43,447.
What is ‘WECare’ scheme
‘We Care’ scheme for senior citizens has been started by SBI. This scheme has started from 12 May. It will get 0.80 percent more interest than the 5-year normal FD. In this, you will get 6.50 percent annual interest. This plan is for 5 and 10 years. You can choose it according to your convenience. Only those above 60 years of age can invest in this scheme. Up to Rs 5 lakh deposited in the bank is also safe in case the bank defaults. Under this scheme you can invest up to Rs 2 crore.