Senior Citizen Saving Scheme: The government revises the interest on small savings schemes including Senior Citizen Saving Scheme every quarter. This time it may be announced on September 30.
Small Saving Schemes: The Central Government revises the interest of Senior Citizen Saving Scheme and Small Saving Scheme on quarterly basis. The government will announce the interest of Senior Citizen Saving Scheme for the October to December quarter of the financial year 2023-24 on September 30. In such a situation, senior citizens are hopeful that this time the interest of the scheme may increase.
The government had kept the interest on Senior Citizen Saving Scheme SCSS unchanged for the July to September quarter. However, the interest of this scheme was increased twice before the September quarter. In the April to June quarter, the government had increased the interest from 8 percent to 8.2 percent, whereas in the March quarter of the last financial year, the interest was increased to 8 percent. Currently, senior citizens are getting 8.2 percent interest in this scheme.
Will the interest of the scheme increase again?
According to the report of Financial Express, experts believe that there is no possibility of further increase in SCSS interest rate for the October-December quarter. Experts say that the interest in this scheme is not at its peak yet, yet the government would like to keep it unchanged.
Higher interest than fixed deposit
This scheme is very special for senior citizens, because there is tax saving in it also. This scheme is one of the fixed income options. At the same time, this scheme is even better than the interest on fixed deposit schemes currently offered by banks.
Investment limit of Rs 30 lakh with tax exemption
SCSS scheme is a scheme of the Government of India. The money and interest invested in this scheme is guaranteed. Apart from this, this scheme gives an investment limit of up to Rs 30 lakh. The SCSS scheme matures in five years and can be extended for up to three years. In this scheme, you can claim exemption under Section 80C of the Income Tax Act up to Rs 1.5 lakh.
