On 31st March, 30th June, 30th September and 31st December, money comes into the Senior Citizen Savings Scheme account.
Accordingly, the next date is March 31 when interest money will be deposited in the account of senior depositors. At present, interest is being given on the SCSS account at the rate of 7.4 percent.
Senior Citizen Saving Scheme ( SCSS ) is a government scheme run for senior citizens. With the help of this scheme, senior citizens save money for retirement and later get the amount of interest every quarter . This account can be opened in any bank or post office . This account can be opened jointly or alone. The maturity period of this account is 5 years which can be extended for an additional 8 years. At present, 7.4 percent interest is being given by the government on the Senior Citizen Savings Scheme account.
SCSS or Senior Citizen Savings Scheme account can be opened with Rs.1,000. The amount in the multiple of 1,000 but not more than 15 lakh can be deposited in the account. An individual can open multiple Senior Citizen Savings Accounts at the same time. However, the government has fixed the maximum amount of this account, beyond which you cannot deposit more. The amount deposited in this account is exempted from tax deduction under section 80C.
Interest on Senior Citizen Savings Scheme
The interest money of this account is given four times in a year every three months. On 31st March, 30th June, 30th September and 31st December, money comes into the Senior Citizen Savings Scheme account. Accordingly, the next date is March 31 when interest money will be deposited in the account of senior depositors. At present, interest is being given on the SCSS account at the rate of 7.4 percent.
The account holder has to withdraw his interest money every three months. If the money is not taken then no interest is earned on it. You can withdraw money by going to the same branch in the post office where you have an account. If you want, you can also withdraw money from the savings account through auto credit or ECS. By linking this account with the savings account of the bank, auto credit can be done in it every month. For this you will not need to go to the branch. If all Senior Citizen Savings Accounts together earn interest of more than Rs 50,000 in a year, then it will be taxed. TDS is also deducted with the prescribed rate, to save which form 15G or 15H can be filled.
Who can open SCSS account
- Anyone who is above 60 years of age can open this account
- Retired civilian employees between 55 and 60 years can open this account. There is a condition in this that the money received from retirement has to be deposited in this account within a month.
- Retired defense personnel in the age group of 50-60 years can open this account. These also have to be invested within a month of retirement.
- Both single and joint accounts can be opened. It is to be noted that in the joint account, the primary account holder is considered responsible for the entire deposit amount.
