Senior Citizen Savings Scheme (SCSS) Deposit Limit The limit of Senior Citizen Savings Scheme has been increased in the new budget. With this, now more investment can be made in it. So let’s know about this small savings scheme.
Finance Minister Nirmala Sitharaman has also taken care of senior citizens in her budget. In his speech, the Union Finance Minister has doubled the deposit limit for Senior Citizen Savings Scheme ( SCSS ). With this, now up to Rs 30 lakh can be deposited under the scheme. With this, senior citizens will get the benefit of more savings. On the other hand, the Monthly Income Account Scheme has been increased to Rs 9 lakh.
New limit of Senior Citizen Savings Scheme
The budget states that the maximum deposit limit for the Senior Citizen Savings Scheme will be increased from Rs 15 lakh to Rs 30 lakh. At the same time, the maximum deposit limit for the Monthly Income Account Scheme has been increased from Rs 4.5 lakh to Rs 9 lakh. This limit is for a single account. At the same time, this limit for joint account will be increased from Rs 9 lakh to Rs 15 lakh.
What is Senior Citizen Savings Scheme
Senior Citizen Savings Scheme is a government savings scheme, in which there is no risk of sinking the amount. In this, 8 percent interest is being received on the deposited amount. Under this scheme, any person above 60 years of age can invest in it. However, NRIs and HUFs cannot invest in this scheme.
SCSS Maturity
It is a short term investment scheme with a maturity time of five years. Within one year after maturity, investors can extend its maturity period for three years. At the same time, you can start with an investment of just one thousand rupees in SCSS. There is no charge of any kind for withdrawing money after maturity. Since the increase in the limit, it is expected that senior citizens will pay more attention to it.
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