The Senior Citizen Savings Scheme (SCSS), which is open to people 60 and older, lets them save money. The program is upheld by the government and gives a more noteworthy loan fee than most different reserve funds programs.
In addition to tax advantages, the SCSS will grant access to regular income after retirement. The plan currently has an interest rate of 8.2%. Finance Minister Nirmala Sitharaman announced that the Senior Citizen Savings Scheme investment limit would be raised from Rs. 15 lahk to Rs. 30 lakh. ( FY24).
Senior citizens in India believe that the SCSS is a safe and secure investment option. It helps them meet their financial needs during their retirement years and provides a regular income stream.
The scheme allows for a maximum deposit of Rs 30 lakh and a minimum deposit of Rs 1000.
A proposal to raise the SCSS ceiling from Rs 15 lakh to Rs 30 lakh was made during the Union Budget of 2023.
SCSS benefits include:
Tax benefits
Safe to invest
Early withdrawal is allowed.
Ability to move the account across the country
High interest rates
