Senior Citizen Savings Scheme (SCSS)investment limit increased to Rs 30 lakh: Budget 2023
Senior Citizen Savings scheme (SCSS) maximum investment limit has been increased from Rs 15 lakh to Rs 30 lakh in Budget 2023.What is Senior Citizen Savings scheme?
For the quarter ending December 31, 2022, the government has raised interest rate on the Senior Citizens' Savings Scheme (SCSS) by 20 bps to 7.6%, from 7.4% per annum.
According to the SBI website, these are the main features of SCSSThe depositor may extend the account for a further period of three years after the maturity period of five years.The deposit made under these rules shall bear interest as directed by Govt of India from time to time quarterly. At present it is 7.40% per annum with effect from 01.04.2020.If the interest payable every quarter is not claimed by an account holder, such interest shall not earn additional interest.The whole amount of deposit in a joint account shall be attributable to the first account holder only.Both the spouses can open single account and joint accounts with each other.The depositor may nominate a person or more than one person.Nomination made by the depositor can be cancelled or varied.The deposit made at the time of opening of the account shall be paid on or after the expiry of five years or after the expiry of eight years where the account was extended from the date of the opening of the account.Multiple withdrawals from an account shall not be permitted.
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This story originally appeared on: India Times - Author:Faqs of Insurances
