Senior citizen savings scheme: If you yourself are a senior citizen or there is a senior citizen in your house, then it is important for you to know about this news. The rules of Senior Citizen Saving Scheme have been relaxed by the Central Government. In the Senior Citizen Saving Scheme, now permission has been given to open the account for three months instead of one month. Apart from this, account holders can now extend the account for any block.
Senior Citizen Saving Scheme (SCSS) is designed for people above 60 years of age or employees above 55 years of age and below 60 years. In this scheme, interest of 8.2 percent is available annually. Information related to these changes was given by the Economic Affairs Department of the Finance Ministry on 7 November. Let us know about the changes made in the Senior Citizen Saving Scheme-
The government has increased the time for investing in SCCS from one month to three months for people above 55 years of age and below 60 years. Currently, under this rule, you were required to invest within one month after retirement.
The scope of retirement benefits has been clearly explained. According to the notification, retirement benefit means any kind of payment received after retirement. This includes provident fund dues, retirement or death gratuity, leave encashment or retirement benefits under EPS.
Under the new rules, spouses of government employees are also allowed to invest the financial assistance amount under the scheme.
Under the new rules, if the account is closed before completion of one year, 1 percent will be deducted from the deposited amount. Earlier, if the account was closed before one year, no interest was given and the existing amount in the account was returned. If no interest is accrued then one percent will be deducted from the principal amount.
Account holders can extend the account for any number of blocks. Each block will last for three years. Earlier, its extension was allowed only once.
According to the notification, if someone has invested for five years. But if he closes the account within four years, then in this situation the account holder will get only the interest of the savings account. Earlier in this situation the interest rate of the scheme was applicable for three years. According to the notification, the investment period of five years has also been removed.
Recently a notification has been issued by the Postal Department. According to this, if you invest in the Senior Citizen Scheme for one year, two years or three years and you close the account after six months or one year. In this situation, interest will be paid for the number of months you have invested.
