Senior Citizen Savings Scheme: With the beginning of the new financial year 2023-24, the government has made many major changes in the Small Savings Scheme.
Giving good news to the people investing in Senior Citizen Saving Schemes, the Finance Ministry has announced an increase in its interest rates (SCSS Rate of Interest Increases). These rates have been implemented for the first quarter of the financial year 2023-24 i.e. from April to June. Earlier, giving good news to senior citizens in Budget 2023, the government had doubled the investment limit of Senior Citizen Saving Scheme. Now from April 1, 2023, senior citizens will be able to invest more in this scheme.
Investment limit doubled
Even though the regular income stops after retirement, the household expenses remain the same. In such a situation, senior citizens (SCSS Benefits) are looking for such a scheme in which they can get strong returns along with safe investment option. In such a situation, the Senior Citizen Savings Scheme is a small savings scheme run by the government, in which the government has doubled the investment limit.
Earlier the investment limit in this scheme was Rs 15 lakh, which has now been increased to Rs 30 lakh. In such a situation, after increasing the investment limit, investors will now get the benefit of higher returns on higher amount.
increased interest rates
In order to control inflation in the country, the Reserve Bank has increased a total of 250 basis points in the last financial year 2022-23. This has affected the deposit rates of banks. In such a situation, to make small savings schemes attractive, the government has decided to increase the interest rates of small savings schemes.
After this, the interest rates of Senior Citizen Savings Scheme have increased to 8.20 per cent in the first quarter of the financial year 2023-24. Whereas in the last quarter of the last financial year 2022-23 it was 8.00 percent. In such a situation, its interest rates have increased by 20 basis points.
Special features of SCSS-
- The minimum age to invest in Senior Citizen Savings Scheme is 60 years.
- You can invest in this scheme for a total of 5 years.
- By investing in this scheme, you get a rebate of Rs 1.5 lakh under Section 80C of Income Tax.
- By investing in this scheme, you get the benefit of regular income.
- Under this scheme, apart from banks, you can also open an account in the post office.
