Bad News for Senior Citizens: Interest Falls to 3.35%, Know more:

The deposits made under Senior Citizens' Welfare Fund will receive an interest rate of 3.35% for FY 2024-25, which is significantly lower than the interest rate for the previous year.

SCWF to Receive Lower Interest Rate

Shriya Mishra

Jun 21, 2025

Last update on Jun 21, 2025

Bad News for Senior Citizens: Interest Falls to 3.35%, Know more

The Ministry of Finance (Department of Economic Affairs) has announced via a notification that the deposits that are being made under the Senior Citizens Welfare Fund (SCWF) will receive an annual interest rate of 3.35% for FY 2024-25. This is a remarkable decline as compared to the prior year's 7.15% interest rate received on deposits under SCWF. The Senior Citizens' Welfare Fund (SCWF) was founded under the Finance Act, 2015, in order to promote the welfare of senior citizens. It aims at providing healthcare, financial security, and various other forms of support to the elderly citizens of the nation. The funds used are majorly derived from unclaimed amounts from saving schemes such as:

Public Provident Fund
Employees' Provident Fund
Post office savings account

While there has been no announcement made by the Ministry behind the reason for this decline of 3.80% in the interest rate, the lower rate is expected to affect the welfare programmes financed by SCWF. Refer to the official notification for more details.

About Author

Shriya Mishra

Content Writer

Shriya writes engaging and easy-to-understand content on budgeting, mutual funds, insurance, income tax, GST, company law and financial planning. Her mission is to guide readers toward smarter money habits and long-term wealth creation. She can be reached at [email protected]