Bank of Baroda is one of the best public banks serving in the Indian and Overseas Territory for years. With over 100+ overseas offices and a customer base of 131 Million, this bank is growing and providing the best services to people. Post its merger with the top government banks Vijaya & Dena. It has become the third-largest bank to serve the people of India, after the State Bank of India.
We are discussing the Senior Citizen Saving Scheme by the Bank of Baroda. This scheme is for retired employees over the age of 60 plus.
In this article, we will discuss the SCSS (Senior Citizen Saving Scheme) of the Bank of Baroda.
Senior Citizen Saving Scheme – Bank of Baroda
Brought in 2004, it is a government-based program to offer the best interests and tax deductions investment scheme to all retired employees and over 60 plus. It is one of the best opportunities for senior citizens to get more interest in their investment, and also, it is better than any fixed deposit.
Multiple banks offer such a facility to their customers. The interest rates depend and vary from bank to bank. However, like everything, it has some advantages and disadvantages.
Advantages:
- It is one of the safest and most reliable investment schemes for all senior citizens age 60 plus.
- This scheme is easily available. You need to visit the nearest branch of Bank of Baroda to fill out the application form and get the account opened.
- You can deposit as low as Rs 1000 and a maximum of Rs 15 Lac under this scheme.
- The minimum deposit tenure is five years and can get extended by more than three years with customer consent.
- As per Section 80C, such investments can save TDS on the returns.
Disadvantages:
- For premature withdrawal in less than two years? You need to pay the bank 1.5% of the deposit amount as a penalty.
- For premature withdrawal in less than five years? You need to pay the bank 1% of the deposit amount as a penalty.
Present ROI (Rate of Interest) – Bank of Baroda (SCSS)
As per the latest reports, the current interest in Senior Citizen Saving Scheme is 7.4%, and the minimum tenure of the deposit must be five or more years. You can open this account by visiting the Bank of Baroda’s nearest branch and filling out the application form.
However, the interest rates can vary and depends on the bank.
Conclusion
Here we come at the end. The government brought the Senior Citizen Saving Scheme in 2004 to provide better returns on investment during the tenure of five or more years. This scheme is for all retired employees over the age of 60 plus.
We have discussed all the major information like the advantages, disadvantages, and the interest rate of the Senior Citizen Saving Scheme provided by the Bank of Baroda. Let us know if there is something you need to ask us.
