I am having FDs at HHDFC Ltd. where I am getting 8.1% rate of interst as its shareholder.
I will become sixty years during this month and so eligble for Senior Citizens Savings Scheme which is giving 8.3% p.a. at present
At HDFC they are going to give 0.25% extra for senior citizen so it comes to 8.35%
Lockin at SCSS is for 6 years I am told and no lien for loan possible
In the FD option, I have various tenures between 12 to 60 months and also loan upto 75% is possible
Kindly advise which option I should go for.
Many thanks for your valuable guidance, as always.
If your requirement is not depending on interest income, then go with Bank FD. Because SCSS does not offer a cumulative option.
This is a trivial question on SCSS. However, I need confirmation from you.
I have invested 15 lakhs towards SCSS for the FY 2018-19 ; so I can claim 1.5 lakhs under 80C only for this FY 2018-19 ; correct ? I cannot claim 1.5 lakhs again for the next FY 2019-20. Please pardon me for this silly question. But I want to double confirm you sir.
Ravindra N L