SCSS Interest Rate Change Expectation: The Central Government may revise the interest rates of Senior Citizen Savings Scheme (SCSS) by the end of this month. However, it is being said in some media reports that senior citizens may have to wait a little longer for this.
There is little hope that the government will revise the interest rates of the Senior Citizen Savings Scheme. Presently senior citizens are getting 8% interest on their deposits under this scheme. The SCSS deposit limit was raised to Rs 30 lakh in the Union Budget 2023 .
Interest is fixed every 3 months
The government had increased the interest rates in December for the fourth quarter of the financial year 2022-23, which will apply to the money deposited in the SCSS account in the first quarter of the year 2023. Interest on SCSS schemes is decided on a quarterly basis.
SCSS Interest Rate Change Expectation: The Central Government may revise the interest rates of Senior Citizen Savings Scheme (SCSS) by the end of this month. However, it is being said in some media reports that senior citizens may have to wait a little longer for this. There is little hope that the government will revise the interest rates of the Senior Citizen Savings Scheme. Presently senior citizens are getting 8% interest on their deposits under this scheme. The SCSS deposit limit was raised to Rs 30 lakh in the Union Budget 2023 .
Interest is fixed every 3 months
The government had increased the interest rates in December for the fourth quarter of the financial year 2022-23, which will apply to the money deposited in the SCSS account in the first quarter of the year 2023. Interest on SCSS schemes is decided on a quarterly basis.
