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What is Senior Citizens' Savings Scheme (SCSS)?
How long does a Senior Citizen Savings Scheme last?
What is the maximum deposit for Senior Citizens Savings Scheme (SCSS)?
How a senior citizen can invest a lump sum in SCSS?
Jul 27, 2024 · The Senior Citizens Savings Scheme (SCSS) allows senior citizens in India to invest up to Rs. 30 lakhs, providing a safe and tax-saving stream of income. The scheme features a government-backed retirement benefits program, with a fixed 8.2% interest rate.
- 8.2% p.a.
- Particulars
- Rs 1,000
- 5 years
Senior Citizen Savings Scheme (SCSS) is a government-sponsored savings instrument for individuals above the age of 60. Learn more about features, eligibility and interest calculation under the Senior Citizen Savings Scheme.
- If individuals make partial withdrawals from their SCSS account after one year of account opening, then penalty charges will not apply.
- Yes, the joint account facility is available only if an individual opens an account with his/her spouse.
- If the deposit amount is higher than Rs. 10 Lakh, then the deposit shall be made through cheque.
- Yes, a depositor can prolong their SCSS for a term of three years within one year of maturity.
- There is no fee.
Jan 17, 2024 · Learn about the latest SCSS rules, eligibility criteria, investment options, extension of tenure, and income tax benefits. Find out how to open, transfer, withdraw, and close SCSS account and get answers to common questions.
The Senior Citizens Savings Scheme (SCSS) is a Government-backed post office savings scheme that offers senior citizens a regular stream of income with the highest savings and tax-saving benefits. This is a secure form of investment with a guarantee of returns upon its maturity.
Sep 16, 2024 · SCSS is a government-backed savings instrument for Indian residents aged above 50 years. Learn about the eligibility criteria, interest rate, tax benefits, withdrawal rules, and how to open an SCSS account at banks or post offices.
- Online application facility is not available for SCSS. In order to open a SCSS account, the customer must visit the post office or bank branch and...
- Yes, investments made in SCSS are eligible for income tax deduction benefits under the Section 80C of Income Tax Act, 1961.
- Any individual, above the age of 60, can open a Senior citizen savings account accompanied by all the required documents.
Jan 2, 2012 · SCSS is a retirement benefit program for individuals over 60 years old. It offers tax benefits, high interest rate, assured returns, and flexible tenure options. Learn how to apply, eligibility, features, and FAQs.
Learn about the scheme that allows senior citizens to deposit up to ₹30 lacs and earn interest on their savings. Find out the eligibility, interest rate, tax benefits and closure rules of the scheme.
