Senior Citizens Can Now Extend SCSS Scheme Indefinitely, Know Other Changes
The government has allowed the extension of the Senior Citizen Savings Scheme (SCSS) indefinitely and enabled people to invest in the scheme three months before retirement
The government has allowed the extension of the Senior Citizen Savings Scheme (SCSS) indefinitely and enabled people to invest in the scheme three months before retirement
(SCSS) offers 8.2 percent
Last week, the government allowed an indefinite SCSS Extension to ensure continued financial support for older people. The finance ministry’s November 9 notification has also extended the timeframe to open the SCSS account from one month to three months from receiving their retirement benefits or payment disbursal.
Those aged above 60 can open the SCSS account. Retirees above 55 and less than 60 who are otherwise eligible can also open the account. In the latest guidelines, the norms for the scheme have been changed for depositors’ ease. Let us explore the latest changes.
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Besides SCSS, the National Savings Time Deposit scheme has also undergone some changes in the interest payment. As per the existing rules, if a withdrawal is made after four years but before its five-year maturity, the accountholder will earn an interest applicable for a three-year term deposit. After the latest changes, the account holder would get the same interest rate as a post office savings account if the deposit is withdrawn after four years but before maturity.
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Kotak Mahindra Bank and Shivalik Small Finance Bank revised their fixed deposit rates in the week ending October 28, 2023.
HDFC Bank extended the last date of its senior citizen fixed deposit scheme.
RBI floating rate savings bonds offer 8.5 per cent annual interest; should senior citizens invest in them?
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