Senior Citizens Welfare Fund Deposits to Earn 3.35% Interest for FY 2024-25

The government has announced the interest rate for deposits made under the Senior Citizens' Welfare Fund (SCWF) for the financial year 2024-25. The deposits will earn an interest of 3.35 percent. The SCWF is a fund that pools the unclaimed money from various small savings schemes, PPF accounts, and EPF accounts. This money is then utilized for schemes dedicated to the welfare of senior citizens. The interest rate for the fund is notified annually by the Ministry of Finance. While the rate is modest, it is important as it determines the growth of the corpus of the fund, which in turn supports various programs aimed at providing financial security and healthcare support to the elderly population in the country. It is a key component of the social security framework for senior citizens in India.