This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Terms of Use.
Accept
IndiaPost LiveIndiaPost LiveIndiaPost Live
  • Home
  • India
  • World
  • Business
  • Entertainment
  • Sports
Notification Show More
Font ResizerAa
IndiaPost LiveIndiaPost Live
Font ResizerAa
  • Home
  • India
  • World
  • Business
  • Entertainment
  • Sports
  • India News
  • State
  • World
  • Entertainment
  • Business
  • Trending
  • Sports
  • Career
  • Lifestyle
  • Languages
Follow US
© 2024 NM Media. All Rights Reserved.

News » India News » Senior Citizens’ Savings Scheme: Can a person invest Rs 30 lakh or more?

India News

Senior Citizens’ Savings Scheme: Can a person invest Rs 30 lakh or more?

NM Desk
Last updated: 30 October, 2024 3:02 PM
NM Desk
Share
Senior Citizens’ Savings Scheme: Can a person invest Rs 30 lakh or more?

New Delhi: People nowadays are more interested in investing their money rather than keeping it in the savings account of the banks. While the case is different for those who are still earning, for senior citizens, a safe investment is of paramount importance.

Contents
What is the rate of interest of the Senior Citizens’ Savings Scheme?Can a person invest 30 lakh in the scheme?Who is eligible to open an account?What are the benefits of SCSS?How to open a SCSS account?

While the government has quite a handful of schemes for them, the Senior Citizens’ Savings Scheme stands out for its many benefits. The scheme is backed by the government and hence is safe to invest, since the senior citizens may not have to appetite to take risks. In this article, we will take a look at the many facets of this scheme.

What is the rate of interest of the Senior Citizens’ Savings Scheme?

The Senior Citizens’ Savings Scheme or SCSS is a savings scheme sponsored by the government for those above the age of 60. The Indian government introduced it in 2004 to give senior citizens a steady and secure source of income for their post-retirement phase. According to reports, the current rate of interest of the SCSS is 8.2 per cent per annum.

Read More

Delhi: AQI dips, special teams formed to implement pollution control measures
Delhi: AQI dips, special teams formed to implement pollution control measures
Arvind Kejriwal Resign News LIVE | AAP to name new Delhi CM at noon, MLA meeting soon
Arvind Kejriwal Resign News LIVE | AAP to name new Delhi CM at noon, MLA meeting soon
Delhi HC rejects woman’s plea for FIR against Arvind Kejriwal over daughter’s death
Excise policy: Delhi HC seeks ED’s response on Kejriwal’s plea challenging summons

Can a person invest 30 lakh in the scheme?

Those who are looking to open an account in SCSS can make a minimum deposit of Rs. 1,000. At the same time, the maximum deposit that one can make is Rs. 30 Lakh. So yes, if anybody is looking to invest Rs 30 lakh, he or she can do so.

Who is eligible to open an account?

Any person who has attained the age of 60 years or above can open an account under SCSS. Also, a person who is 55 years old or older but less than 60 years old and has retired under Superannuation, VRS or Special VRS, can open an account. However, the investment should be made within 1 month of receipt of retirement benefits.

What are the benefits of SCSS?

  • A person can open an account at any post office or authorized bank in India.
  • The principal invested amount in this scheme is eligible for deduction up to a limit of Rs 1.5 lakhs in a year under Section 80C of the Income Tax Act. Also, TDS is applicable if the amount is more than Rs 50,000 for a fiscal.
  • The account can be closed after the expiry of 5 years from the date of opening of the account and the investor may extend the account for a further period of 3 years.
  • Since the scheme is backed by the government, the return is assured. Moreover, unlike market-linked investments which can fluctuate, SCSS is safe and offers assured returns to individuals.

How to open a SCSS account?

One can visit the nearest bank branch or Post office branch, and fill up Form A. After that, they have to submit the original and photocopies of all the necessary documents. If anyone is looking to open an account online, the person can visit the online portal of the respective bank and see if the option is available there.

You Might Also Like

Coaching centre deaths: Delhi HC asks CBI to appoint senior officer to monitor probe

Brezza To Swift: Maruti Suzuki Festive Season Discounts

UP DElEd 2024 registration ends today; check counselling process

Governor vindicating his constitutional oath by hosting VC conference: V-P Dhankhar

‘Need your support…’: CM Atishi launches crowdfunding campaign to fight Delhi polls

TAGGED:how to open Senior Citizens’ Savings SchemeSCSSSenior Citizens’ Savings SchemeSenior Citizens’ Savings Scheme benefitsSenior Citizens’ Savings Scheme eligiblesSenior Citizens’ Savings Scheme interest rate
Share This Article
Facebook Twitter Whatsapp Whatsapp Telegram Copy Link

Latest News

Legendary marathoner Fauja Singh dies at 114 after being hit by vehicle in Punjab
Legendary marathoner Fauja Singh dies at 114 after being hit by vehicle in Punjab
India News
Uttarakhand CM Pushkar Singh Dhami meets PM Modi, seeks guidance on development
Uttarakhand CM Pushkar Singh Dhami meets PM Modi, seeks guidance on development
India News
‘Can courts set deadlines for President’s decisions?’: President Droupadi Murmu seeks SC’s opinion on assent to Bills
President awards Rs 62.4 lakh to 832 tribal students for Class XII excellence
India News
Campus Tank: Apna, VCats, CU launch $1 mn fund for young startup founders
Campus Tank: Apna, VCats, CU launch $1 mn fund for young startup founders
India News

You also Like

Sambhal mosque authorities trying public land encroachment, UP govt to Supreme Court
India News

Sambhal Jama Masjid-Harihar Mandir dispute: Allahabad High Court reserves judgment

NM Desk NM Desk 3 Min Read
Operation Sindoor success: PM Modi visits Adampur air base
India News

Operation Sindoor success: PM Modi visits Adampur air base

NM Desk NM Desk 3 Min Read
IASPujaKhedkar
India NewsTrending

IAS Puja Khedkar Row: Court Reserves Decision on Anticipatory Bail in Fraud Case

NM Team NM Team 3 Min Read
IndiaPost LiveIndiaPost Live
Follow US
© 2024 NM Media. All Rights Reserved.
  • About Us
  • Privacy Policy
  • Contact Us
Welcome Back!

Sign in to your account