Upcoming News Article: Interest Rates for Senior Citizens
Interest Rates for Senior Citizens
The Ministry of Finance has announced the interest rates for the Senior Citizen Savings Scheme (SCSS) for the first quarter of FY 2024-25, beginning April 1st, 2024. This scheme offers attractive interest rates to senior citizens, providing them with a safe and stable investment option.
Interest Rates for Q1 FY 2024-25
The interest rate for the SCSS for the first quarter of FY 2024-25 has been set at 8.2%. This is a significant increase from the current rate of 8.20% per annum. Senior citizens can now earn a higher return on their savings with this updated interest rate.
Banks also offer higher fixed deposit (FD) interest rates to senior citizens compared to regular customers. For example, ICICI Bank offers an interest rate of 7.50% on its Golden Years FD for senior citizens.
This news article will provide further details on the updated interest rates for the SCSS and FD interest rates offered by banks. It will be released on June 16th, 2023, so stay tuned for more information.
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