The Senior Citizen Savings Scheme (SCSS) allows seniors over the age of 60 to save money. The plan is supported by the government and has a higher interest rate than most other savings plans.
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.
Finance Minister Nirmala Sitharaman announced that the Senior Citizen Savings Scheme investment limit would be raised from Rs. Rs. 15 lakh to 30 lakh. ( FY24).
Additionally, the government increased the interest rates on small savings plans by up to 70 basis points for the April 2023 quarter.
with a deposit of just Rs. 1000 or more than Rs. Anyone can sign up for a 1000 account, either on their own or jointly with their spouse. The account can be closed after five years have passed since it was opened. It could also be extended for another three years.
A senior couple can deposit up to Rs 60 lakh at a bank or post office to receive a monthly income. If a person wants to put 60 lakh rupees into a dependable plan supported by the government, they could put the entire amount in the Senior Citizen Savings Scheme in their parents’ names and enroll themselves in the plan.
The program’s regular income can be used to cover your elderly parents’ daily expenses, and you can also use some of it for your own needs if you want to. If the account holder does not claim the quarterly interest, no additional interest will be paid. When the plan expires, you will receive a full refund of Rs 60 lakh.
The annual interest rate for the Senior Citizen Savings Scheme (SCSS) is 8.2% for the first quarter of FY 2023–24. April–June). A quarterly interest payment is due on the money that has been invested.
Senior Citizen Saving Scheme 2023
Senior-Citizen couple – Rs 60 lakh (Total Investment)
Interest earned quarterly – Rs 1,23,000
Tenure – 5 years
Rate of interest – 8.2%
Maturity Amount – Rs 60 lakh
Total Interest – Rs 24,60,000
