Senior Citizen Savings Scheme: Good news for senior citizens, increased interest on savings scheme, know how much you will get now – govt hikes interest on senior citizen savings scheme know how much you will get
[ad_1]
Senior Citizen Savings Scheme is considered a better option for retirement planning. The reason for this is that investing in it also gives the benefit of tax exemption. SCSS is a government-backed savings scheme. People above 60 years of age can invest in this. The deposit matures after five years from the date of account opening. But this period can be extended for 3 more years only once. The objective of this scheme is to provide a regular income to senior citizens after retirement. SCSS is available through public and private banks as well as post offices. Due to the support of the government, the returns on this are guaranteed.
how to open account
If you want to open an account in Senior Citizen Savings Scheme, then you can open an account by going to the authorized bank and post office. Under this scheme, a savings account can be opened with a minimum of Rs 1000. In this, the maximum investment limit was earlier Rs 15 lakh, which has now been increased to Rs 30 lakh. Interest is paid on a quarterly basis in this scheme. Those people of 55 to 60 years who have taken Voluntary Retirement Scheme i.e. VRS can also invest in this.
[ad_2]
Source link
