Senior Citizen Savings Scheme: Senior citizens are getting more interest in this savings scheme of the government, know all the important details here.

Senior Citizen Saving Scheme, one of the important schemes of the government, is especially for the elderly. Every three months the government decides the interest rate of SCSS. Let us tell you that the government has not increased the interest rate on SCSS for the January-March 2024 quarter. Let us know what benefits people get from this.

New Delhi. The government brings together a scheme for senior citizens of the country, in which you are offered an interest rate of 8.2%. The government has not increased the interest rate on SCSS for this quarter i.e. January-March 2024.

Today we will tell you about these special schemes of the government, which have been introduced especially for the elderly. With its help you can budget your taxes. Let us know about it.

Who is this scheme for?

• Only these people can take advantage of this special scheme of the government. This scheme is available to any person above 60 years of age.
• Apart from this, those senior citizens above the age of 55 years who have retired under retirement or voluntary or special voluntary scheme.
• Those senior citizens above 50 years of age who are former military personnel, except civil defense personnel. That means employees who want to retire early cannot use the SCSS allowance.

What will be the deposit amount?

• The government has increased the maximum deposit amount of SCSS to Rs 30 lakh in the Budget 2023.
• Suppose the account holder dies, the spouse, who is the joint holder or the sole nominee of the scheme, can continue using the SCSS account by informing the post office or bank branch.

For how long can the account be opened?

• This account can be opened for a minimum amount of Rs 1000 or any multiple thereof, subject to the maximum amount. 30,00,000.
• Its deposit period is 5 years and can be extended up to 3 years.
• As we have already told that the government decides the interest rate on SCSS every quarter, but this time nothing like this has happened.
• You get interest at the rate of 8.2% on your deposit. Interest is payable every quarter and is fully taxable.
• If you want to open a SCSS account then you can do so through bank or post office. You will have to fill the form to open the account and submit the required KYC documents, photographs and all documents related to the retirement fund.
• You can open more than one SCSS account, but the total deposit in all these SCSS accounts should not exceed Rs 30 lakh.