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How often does SCSS interest rate change?
What is the interest rate for Senior Citizen Savings Scheme (SCSS)?
What is the current interest rate applicable to SCSS?
How is SCSS interest calculated?
Jul 27, 2024 · The current interest rate applicable to SCSS is 8.2% p.a. This interest rate is applicable from 1st April 2024 until 31st March 2025. The interest will be paid on a quarterly basis.
- 8.2% p.a.
- Particulars
- Rs 1,000
- 5 years
Jan 19, 2024 · The government fixes the interest rate on SCSS every quarter. The government has not hiked the interest rate on SCSS for the January-March 2024 quarter. The account holders can earn interest at the rate of 8.2% on their deposits. The interest is payable every quarter and is fully taxable. Where can one open SCSS account
- Sneha Kulkarni
Sep 16, 2024 · SCSS Interest Rate 2024. Senior Citizen Savings Scheme interest rates for the 2nd quarter (July-September) of FY 2024-25 is 8.2% p.a. This is one of the highest interest rates offered by a fixed-income small savings scheme. SCSS interest rate is reviewed quarterly and is subject to periodic change. Interest is also calculated and credited ...
- 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.
High Rates of Interest: SCSS offers high-interest rates on the principal sum. How to Open an Account under the Senior Citizen Savings Scheme? An SCSS account can be opened with a post office or any of the private or public banks in India.
- 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.
Sep 11, 2024 · Senior Citizen Savings Scheme (SCSS) - Interest Rate 2024, Tax Benefits, & Eligibility. Updated on: 01 Jan, 1970 05:30 AM. Senior Citizen Savings Scheme is a retirement benefits account backed by the government. It provides a risk-free investment option with a regular income for senior citizens of India.
The SCSS interest rate currently stands at 8.2%. This rate is revised once every 3 months and thus is subject to change four times a year. The Reserve Bank of India’s Monetary Planning Committee meets at periodic intervals, and the rates of interest applicable are drawn up based on prevailing economic conditions.
Dec 19, 2022 · The SCSS interest rate applicable in the first quarter of 2023 (January-March) is 8%. The Government revises Senior Citizen Savings Schemes (SCSS) interest rate on a quarterly basis.
