The Senior Citizens Monthly Interest Investment Plan (SCIP Monthly) is a financial instrument that allows Senior citizens or retired persons to withdraw their interest monthly from their investments.
Terms and Conditions:
The Plan is intended for ‘retirees only’.
Funds invested in the Plan cannot be withdrawn before the expiry date.
The investor will be required to stipulate what should be done with the proceeds should the worst happen to him/her before the expiry date.
The investment may be used as security for loans.
The investment must be no less than $5,000.