Senior Citizen Savings Scheme: Has the Investment Limit Increased? Latest Rule Changes You Should Know

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Small Savings Scheme: From the rules for withdrawing money to closing the account, there are new rules. From now on, these three changes have come to the Senior Citizen Savings Scheme. If you don’t know, it is your loss.

When did this order come

The Senior Citizen Savings Scheme is a very popular scheme run by the central government, which has crores of account holders across the country. If you are also a senior citizen and have invested in this scheme, you must know these things. The government has changed the rules of the Senior Citizen Savings Scheme. This change was announced by publishing a notification on November 7, 2023. If you are thinking of withdrawing money under this scheme, then know about its changed rules here.

SCSS money withdrawal rules have changed. Many times, many people close it within a year after opening an SCSS account. If this has happened to you too, then know that now the rules for premature withdrawal have changed. After the change in the rules, if you close the account within a year of opening the account, then in such a situation, it will be returned to you after deducting 1 percent of the deposited amount. Earlier, in this situation, one percent of the deposited amount was returned after deducting interest.

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Five-year period has been removed in the new rules According to the new rules, after investing in the Senior Citizen Savings Scheme for 2 years, 3 years, 5 years, if you close the account before 6 months and 1 year, the money will be returned according to the number of months. You will get interest benefit on what you have invested. The five-year period has been removed in the new rules. This interest rate will be higher than the interest rate of the Post Office Savings Account. Whereas after investing in the scheme for five years, if you close the account within four years, then in that situation too, you will get interest benefit on the savings account. Earlier, the benefit of SCSS interest rate was available for up to 3 years.

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What are the changes in the scheme? After receiving retirement funds under the Senior Citizen Savings Scheme, you can now open an account within 3 months instead of 1 month. Along with this, earlier after the expiry of the 5-year tenure in this scheme, you could extend it once for 3 years. After the change in the rules, you can extend it for 3 years as many times as you want. In that case, you will get interest only as per the date of investment or the date of extension of the scheme.

About the Author

Avijit

A digital media professional with 4 years of experience, skilled in online content creation, media and information work, his goal is to regularly bring updates on government projects, scholarships and jobs to his readers.

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Avijitdas@timesbull.com Author at TimesBull TimesBull
A digital media professional with 4 years of experience, skilled in online content creation, media and information work, his goal is to regularly bring updates on government projects, scholarships and jobs to his readers.
Avijit - Author at TimesBull
About the Author

Avijit

Avijit - Author at TimesBull

A digital media professional with 4 years of experience, skilled in online content creation, media and information work, his goal is to regularly bring updates on government projects, scholarships and jobs to his readers.

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