SCSS Scheme: Finance Minister Nirmala Sitharaman has increased the investment limit in Senior Citizen Savings Scheme (SCSS) to Rs 30 lakh in the budget.
Senior Citizen Saving Scheme: If you are planning to invest, then you can get good returns by investing in Senior Citizen Savings Scheme. Because Finance Minister Nirmala Sitharaman has increased the limit of investment in Senior Citizen Savings Scheme (SCSS) to Rs 30 lakh in the budget. For the quarter ending March 1, 2023, the government has increased the interest rate on Senior Citizen Savings Scheme (SCSS) to 8%.
If you invest Senior Citizen Savings Scheme You can earn well by investing in Because in Budget 2023, the maximum investment limit in Senior Citizen Savings Scheme (SCSS) has been increased from Rs 15 lakh to Rs 30 lakh. This will also increase the income of the people. Because for the quarter ending March 31, 2023, the government has increased the interest rate on Senior Citizen Savings Scheme (SCSS) to 8%.
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What is Senior Citizen Savings Scheme?
Senior Citizen Savings Scheme (SCSS) is a government-backed savings scheme designed for Indian residents above the age of 60 years. The deposit matures after 5 years from the date of account opening, but this period can be extended for 3 more years in one go. The objective of this scheme is to provide a regular income to senior citizens after retirement. SCSS is available through Public/Private Sector Banks and Post Offices in India. Being backed by the government, the returns on it are guaranteed.
These are the main features of this scheme
- You can extend the account for a further period of three years after the maturity period of five years.
- Interest as directed by the Government of India from time to time shall be payable quarterly on deposits made under these rules.
- If the interest payable every quarter is not claimed by the account holder, such interest shall not accrue additional interest.
- The entire amount of deposit in a joint account shall be due to the first account holder only.
- Both husband and wife can open single account and joint account with each other.
- The depositor can nominate one person or more than one person.
- Nomination made by the depositor can be canceled or varied.
- The deposit made at the time of opening of the account will be paid on or after the expiry of five years or after the expiry of eight years where the account was extended from the date of opening of the account.
- No more than one withdrawal will be allowed from one account.
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