Diabytes
Senior citizens savings scheme News
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The SCSS account can be opened with a minimum deposit of Rs 1,000.
Senior Citizens’ Savings Scheme (SCSS) comes with a maximum deposit amount of Rs 15 lakhs
The investors of the SCSS can also claim a tax benefit Under Section 80C of the Income Tax Act, 1961.
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Interest rates on small savings programmes have been steady for nine straight months.
Small savings schemes will continue to receive the same interest rates from July to September this year.
Post office savings deposits will continue to pay 4% interest per year.
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Despite rising repo rate, bank fixed deposit interest rates remained lower than post office plans in 2022.
FD interest rates offered by top banks such as SBI, ICICI, HDFC, Axis Bank, PNB, BoB, and others are significantly lower than interest rates on post office schemes.
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Investors are receiving 7.4 per cent interest on their investments in the scheme.
Senior Citizens Savings Scheme (SCSS) offered by Post Office is more beneficial for retired investors.
Investors above the age of 60 can only open accounts in SCSS.
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Investors can avail a 7.4% interest rate on an annual basis with their investments in the Senior Citizens Savings Scheme.
The rate is effective for the period from July 1, 2021, to September 30, 2021.
Senior citizens can avail a maximum annual interest rate of 6.75% on their fixed deposit investments.
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The investments can be done with as little as Rs 250 and with multiples of Rs 150 and an annual cap of Rs 1,50,000 in a financial year.
The Senior Citizens Savings Scheme (SCSS) provides security to retired employees who want an assured return.
The PPF account can be opened with a minimum amount of Rs 500 and the maximum can go up to Rs 1.5 lakh with a maturity period of 15 years.
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The revision in interest rates does not affect old investments except for PPF and SSY.
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The girl child savings scheme Sukanya Samriddhi Account will offer 8.1 percent from existing 8.3 percent annually.
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Investments in Sukanya Samriddhi Account, the special deposit scheme for girl child, will earn higher interest rate of 9.2 percent, while the rate on popular tax saving Public Provident Fund has been retained at 8.7 percent for 2015-16.
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