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Make Life Easier for Senior Citizens by Senior Citizen Saving Schemes

With retirement, come a lot of uncertainties and complications. The question to be asked is with what income you should think of retiring, not at what age you should retire. This means, in today’s world it is extremely important to carefully think and plan potential income sources after retirement. Safe investment schemes with regular income surety are the most sought after schemes after retirement. The senior citizen saving scheme is a deposit scheme, introduced by the government of India and ensures safe investment options with guaranteed returns. With regular income stream under this scheme, Senior citizens no longer need to bother about the investments and other financial issues.

Central bank of India schemes for senior citizens:

This scheme of Central Bank of India is based on the principle of security coupled with capital appreciation and regular income. An added advantage that the Central Bank of India schemes offers is that they give an additional rate of interest over the normal rate of interest on any of the deposit schemes of the bank. This scheme is applicable to fresh deposits as well as on renewing the pre existing deposits on maturity.

Who can deposit?

  • Any person whose age is 60 years or above will be treated as senior citizen and will be entitled to gain benefits under this scheme.

Amount and time period:

  • Different deposit schemes have different criteria deciding the minimum amount of deposits accepted by the bank.
  • Deposits can be made for any time period from 15 days to 120 days. The minimum period of deposit of also different for different schemes.

Rate of interest:

  • The Central Bank of India Scheme for senior citizens offers an incentive on the rate of interest especially for senior citizens. Apart from the normal rate of interest for any deposit scheme of the bank, the bank gives an additional interest of 0.50% per annum. This incentive rate of interest is offered to all senior citizens who have attained the age of 60 years.

Payment options and loans:

  • The option of premature payments is also available. Payment can be received before the maturity of deposit. There are pre defined rules that govern withdrawal of incentives of related additional interest.
  • Loan against deposits is also available.

Add-on facilities:

  • No minimum balance requirements for senior citizens above the age of 70 years.
  • 20% lesser service charges.

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