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- 101/F/3 G.T.Road(West) Mallickpara, Serampore, Hooghly
- +91-9230630841
Senior Citizens’ Savings Scheme
Senior Citizens’ Savings Scheme
One of the investing schemes supported by the Indian government is the Senior Citizens’ Savings Scheme (SCSS). For a period of five years, Indian citizens over 60 can register a SCSS account and make investments. If necessary, the investment can then be extended for an additional three years. Up to Rs. 15 lakh can be deposited into your SCSS account in multiples of just Rs. 1,000. Cash deposits up to Rs. 1 lakh are accepted. However, a demand draft or check must be used for deposits exceeding Rs. 1 lakh. Up to Rs. 1.5 lakh, investments in SCSS are also eligible for a deduction under section 80C.
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Investment Tips for SCSS
☑️ Although investors may choose to withdraw their money early, they should be aware that they may be charged a penalty that ranges from 1 to 1.5% of the deposit.
☑️ Although the interest rate offered by the SCSS is higher than that of other fixed income instruments, it could fluctuate based on a quarterly review. Investors need to monitor this interest rate.
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Dalhousie, N.S.Road, Beside Kolkata G.P.O, Kolkata - 700001
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101/F/3 G.T.Road(West) Mallickpara, Serampore
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