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What is the interest rate for Senior Citizen Savings Scheme (SCSS)?
What is SCSS interest rate history?
How often does SCSS interest rate change?
Is SCSS a good investment scheme for senior citizens?
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
Will PPF, Senior Citizen Savings Scheme, Sukanya Samriddhi, other post office schemes’ interest rates reduce from October, 2024?
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The current interest rate for SCSS is 8.20%. Plan Early and Get ahead for next year’s savings. Use Tax Calculator and get your taxes estimates in mins as per new budget. Calculate Now. Features of SCSS.
Jan 17, 2024 · Deduction u/s 80C under Income Tax Act, 1961 is allowed to the extent of RJs. 1,50,000/- to an individual who has crossed the following criteria of the age: Some Basic Questions which need to be answered and understand as per Senior Citizen Savings Scheme Rules, 2019 (Covered the latest amendment November 2023)
Feb 16, 2024 · As of today, the rate of interest on SCSS is 8.2% per annum. SCSS Interest Rate History (Since 2015) This history of SCSS interest rate in last 8-9 years has been as follows: Senior Citizen Saving Scheme (SCSS) Interest Rate from 01-Jan-2024 to 31-Mar-2024 is 8.2%
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.
Sep 16, 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 quarterly.
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.
