Let us tell you that apart from attractive interest rates and tax exemption, this scheme offers many benefits. It is available to individuals aged 60 years or older, or retirees aged 55 years or older.
Senior Citizen Saving Scheme: The Central Government has allowed spouses of deceased government employees to open Senior Citizen Saving Scheme (SCSS) accounts. A notification has also been issued by the government in this regard. Earlier, spouses of deceased government employees were not allowed to open SCSS accounts.
Let us tell you that SCSS is a savings scheme supported by the Central Government. Apart from attractive interest rates and tax exemption, this scheme offers many benefits. It is available to individuals aged 60 years or older, or retirees aged 55 years or older.
Another rule has been changed: The government has made another special change in this scheme. Under this, the time limit for opening SCSS account after receiving retirement benefits for retired government employees has been increased from one month to three months.
Let us tell you that earlier the extension of SCSS account was considered effective from the date of application. However, the government has recently amended this rule. Now the extension of account will be considered to be from the date of maturity or completion of the block period of each 3 years, irrespective of the date of application.
Change in deposit limit: In the general budget this year, it has been announced to increase the deposit limit in the Senior Citizens Savings Scheme. Now senior citizens can deposit a maximum amount of up to Rs 30 lakh in the post office under this savings scheme for five years. Earlier the savings limit of this scheme was Rs 15 lakh.
In this scheme, the benefit of interest is given by the government to the account holders every three months. After completion of the maturity period of the savings scheme after five years, it can be extended for another three years. For this, the interested citizen will have to complete the paperwork. The interest on this scheme for the current October-December quarter is 8.2 percent.