New Delhi: The Senior Citizens Savings Scheme (SCSS) is an initiative of the Government of India for the benefit of its elderly citizens. It is a way to invest a one-time sum into an extremely secure investment, yielding returns in terms of regular income, with substantial tax benefits on the same. Available for people above the age of 60, this scheme offers almost unparalleled safety, apart from a steady source of income.
Under the SCSS, the interest rate is 8.2% per annum for the period from April 1, 2024, to March 31, 2025. It has a tenure of 5 years, extendable by 3 more years. On opening the account, an investor shall deposit a minimum of Rs 1,000 and a maximum of Rs 30 lakh in multiples of Rs 1,000. Expenditures up to Rs 1.5 lakh are allowed as deductions from income under Section 80C of the Income Tax Act, 1961, while interest accruing from these investments above Rs 50,000 in a year would attract TDS. SCSS accounts may be held singly or jointly with a spouse in recognized banks or post offices; a nomination facility exists with conditions of premature closure on payment of penalty.
Interest shall be payable quarterly on April 1, July 1, October 1, and January 1. Hence, it is a secured return backed by the government. The scheme is open to all senior citizens above 60 years, retired employees above 55 years but under 60 years of age, and all retired defense personnel above 50 years but below 60 years.
The SCSS accounts can be opened in the following participating banks including—
– Allahabad Bank
– Andhra Bank
– Bank of Baroda
– Bank of India
– Bank of Maharashtra
– Canara Bank
– Central Bank of India
– Corporation Bank
– Dena Bank
– ICICI Bank
– IDBI Bank
– Indian Bank
– Indian Overseas Bank
– Oriental Bank of Commerce
– Punjab National Bank
– State Bank of India
– Syndicate Bank
– Union Bank of India
– United Bank of India
– Vijaya Bank
The Senior Citizens Savings Scheme (SCSS) 2024 offers Indian seniors a secure investment opportunity with a competitive interest rate of 8.2% per annum and valuable tax benefits. This government-backed scheme ensures steady income and flexibility, with accounts available at various banks and post offices. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
