SCSS: There has been a major change in the rules for withdrawal of money from the Senior Citizens Savings Scheme. If the account is closed before the end of the investment period of one year, one percent will be deducted from the total deposit amount.
SCSS: There has been a major change in the rules for withdrawal of money from the Senior Citizens Savings Scheme. Under this, if the account is closed before the stipulated period, the deposit amount will be deducted. If the account is closed before the end of the investment period of one year, one percent will be deducted from the total deposit amount. Earlier, interest paid on the total deposit was collected and the entire balance was returned to the account holder.
Savings account amount interest will be applicable: Recently the Postal Department has issued a notification in this regard. According to the new rules, if the account is closed after six months and before one year after investing in the Senior Citizen Savings Scheme for two years, three years and five years, then the amount will be refunded according to the number of months invested. Will get interest. This interest rate will be in line with post office savings account.
Option to close for five years: At the same time, if someone closes the account in four years after investing for five years, then in this situation also you will get the same interest benefit as on the savings account. Earlier in this situation the interest rate of this scheme was applicable for three years. Apart from this, the investment period of five years has also been removed.
Big blow to interest
Currently, under the Senior Citizens Scheme, interest of 8.2 percent is available annually. On premature closure of the account, the interest rate of savings account will be applicable, which is four percent.
These are also big changes
You will not be able to close the account before six months
The interest rate will change if you close before one year.
Will be able to extend the account for three years
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