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Indians over 60 have a chance to invest thanks to the government-sponsored senior citizen deposit scheme. The main goal of this programme is to help seniors find a reliable income source after they retire. Because SCSS is a government-backed investment programme, it produces gains that are guaranteed to occur every quarter. In India, accredited banks and post offices provide the Senior Citizen Savings Scheme.
Invest in properties with NoBroker to get better returns than FD now. Let buyer plans from NoBroker help you save your money with expert strategies. Interest rate:After understanding what is senior citizen saving scheme, let us focus on the interest rate provided by SCSS,
The Senior Citizen Savings Scheme (SCSS) offers an annual interest rate of 7.4% for the second quarter of FY 2022–2023 This is among the greatest interest rates that a fixed income modest savings plan has to offer.
The interest rate on the senior citizen savings programme is reviewed every three months and is subject to change. Additionally, interest is calculated and credited each quarter.
Eligibility:You may invest in the Post Office Senior Citizen Savings Scheme if you fit into one of the following categories:
Indian citizens who are older than 60
Retirees between the ages of 55 and 60 who have chosen the Voluntary Retirement Scheme (VRS) or Superannuation* Retired military personnel between the ages of 50 and 60.
After receiving retirement benefits, investments must be made within one month.
Note: HUFs and NRIs cannot invest in the Senior Citizen Savings Program.
After understanding what is senior citizen savings scheme, its interest rate, and its eligibility, I would like to share my insights about the perception of opening SCSS online;
There is no online application option for SCSS. The customer must complete the necessary paperwork in person at a post office or bank branch to start an SCSS account. The identical form, along with proofs of KYC, age, identity, and address, as well as a check for the deposit amount, must be submitted.
I would like to conclude here as I believe this suffices your query about the senior citizen deposit scheme.
Read More:
Is SCSS Interest Taxable?
Can a Senior Citizen Invest in Both SCSS and PMVVY?Your Feedback Matters! How was this Answer?
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What is Senior Citizen Saving Scheme?
Rina
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2 Year
2022-08-29T20:08:14+00:00 2022-08-29T20:08:15+00:00Comment
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