Experts believe that retirement is one of the most important goals of an investor’s life. Here is a guide to help you understand the best investment planning better.
An ideal scheme for senior citizens and for those who have retired either from service, to provide security in old age. CREDITO India Nidhi Limited introduced Senior Citizen Fixed Deposit Scheme (SCFDS) is a savings instrument for individuals above the age of 60. This Nidhi Company intends to provide senior citizens with a steady and secure source of income for their post-retirement phase. This scheme is an ideal investment option for those retirees who do not have any substantial means of regular income and have no short-term financial objectives
Scheme updated: 10.July.2022 to 31.March.2023
Members can choose this scheme interest rate declared during the time of investment remains fixed throughout the maturity tenure
Minimum and maximum deposit: Eligible individuals require making a minimum deposit of Rs. 1,00,000 to open an account under the Senior Citizen Fixed Deposit Scheme. At the same time, the maximum deposit has no Limit.
Maturity tenure: The maturity period for the scheme is 5 years.
Nomination facility: Individuals can register a nominee when they are opening their accounts under the Senior Citizen Fixed Deposit Scheme. In the event of an account holder’s death, before the account matures, the nominee will be eligible to receive the due amount for the entire period.
Security of capital: In this scheme capital invested in it enjoys superlative security and guarantee.
No Tax Benefit in this scheme.
Yes, If individuals make partial withdrawals from their SCFDS account before 1 year of account opening, then penalty charges will apply.
Yes, the joint account facility is available only if an individual opens an account with his/her spouse or children.
If the deposit amount is higher than Rs. 20,000, then the deposit shall be made through Cheque.
