SCSS Interest Rate Change Expectation: The Central Government may revise the interest rates of Senior Citizen Savings Scheme (SCSS) by the end of this month. However, it is being said in some media reports that senior citizens may have to wait a little longer for this.
SCSS Interest Rate Change Expectation: The Central Government may revise the interest rates of Senior Citizen Savings Scheme (SCSS) by the end of this month. However, it is being said in some media reports that senior citizens may have to wait a little longer for this. There is little hope that the government will revise the interest rates of the Senior Citizen Savings Scheme. Presently senior citizens are getting 8% interest on their deposits under this scheme. The SCSS deposit limit was raised to Rs 30 lakh in the Union Budget 2023.
Interest is fixed every 3 months
The government had increased the interest rates in December for the fourth quarter of the financial year 2022-23, which will apply to the money deposited in the SCSS account in the first quarter of the year 2023. Interest on SCSS schemes is decided on a quarterly basis.
Advantages of SCSS Scheme
- Higher returns: SCSS offers higher interest as compared to FDs like regular deposit schemes of banks and post offices. Interest is now available at the rate of 8% on this.
- No tax on interest up to Rs 50,000 : Interest is taxable only if the total interest in all SCSS accounts exceeds Rs 50,000.
- Tax Benefit: Under Section 80C, depositors can avail tax savings on investments up to Rs 1.5 lakh.
- Higher Deposit Limit : Senior citizens can deposit up to Rs 30 lakh in SCSS account and earn interest quarterly for a tenure of up to 5 years.
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