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If you deposit Rs 15 lakh in State Bank of India's Senior Citizen Savings Scheme, you will get interest of Rs 60,150 every three months. This scheme by State Bank is specially designed for senior citizens and the scheme offers interest at 7.4 per cent per annum on a deposit of Rs 60,150 for three months. You can easily build up a large fund with interest paid on a quarterly basis. Let's know more about SBI Senior Citizen Savings Scheme.

1. Tenure: The scheme has a 5-year tenure which is renewable for an additional 3-years.

2. Minimum and Maximum Investment: You can invest a minimum of Rs 1,000 and up to Rs 15 lakh

3. Interest Payment: Your bank account pays interest every quarter

4. Tax Benefits: Investments up to Rs 1.5 lakh under this scheme are eligible for tax exemption under Section 80C.

5. Deduction: Tax on deposits (TDS) is applicable in this scheme if the total interest amount exceeds Rs.50,000 (Rs.40,000 for normal account holders).

6. Eligibility: Only those aged 60 years and above can invest in this scheme.

Know more details about SBI Senior Citizen Scheme (SCSS).

1. Mode of Investment: You can deposit money in this scheme by visiting any SBI branch using cash, check or online transfer.

2. Interest rates: Since interest rates can change periodically, it is best to check the latest rates before making an investment.

3. Application Process: To apply, you need to fill the form, which requires proof of identity, proof of residence and proof of age.

4. Refinance: Once the scheme expires, you can reinvest your deposit.

5. Withdrawal Rules: If you close the scheme before one year, you will have to pay penalty.

6. Other Benefits: Since the scheme is backed by the government, there is no management fee on deposits, making it a safe investment option.