|Senior Citizen Savings Scheme (SCSS) Highlights|
|Interest Rate||7.4% per annum (Q1 FY 2021-22)|
|Maximum Investment Amount||Rs. 15 Lakh or the amount received on retirement, whichever is lower|
|Benefits||Safe and reliable investment High returns as compared to FD or Savings Account Tax benefit up to Rs. 1.5 Lakh|
Can I invest more than 15 lakhs in SCSS?
SCSS Deposit Limits
An individual can invest up to a maximum limit of Rs 15 lakh in the Senior Citizen Saving Scheme. They are allowed to make a lump sum deposit of Rs. 1000. However, the amount invested shouldn’t be greater than the amount to be received on retirement.
How much can you invest in senior citizen saving scheme?
SCSS has a maximum limit of Rs 15 lakh or the retirement corpus, whichever is less. The account can be opened with a minimum amount of Rs 1,000. 4. The scheme matures at the end of five years but is extendable by a further three years.
Can I invest 15 lakh each in SCSS and PMVVY?
Under both SCSS and PMVVY you can invest up to a limit of Rs 15 lakh individually or jointly. Both the Senior Citizen Savings Scheme and PMVVY can be taken into consideration.
Can SCSS be closed prematurely?
Premature withdrawal or closure of the SCSS account is permitted after completion of one year from the date of opening the account after deducting a penalty for early withdrawal or closure. The penalty varies from 1-1.5 per cent, depending on the completed tenure of the account.
Can I get monthly interest on SCSS?
Quarterly Interest Payouts: Under SCSS, the interest amount is paid to the accountholders quarterly which ensured period payouts adding to your investment. Interest will be credited on the first day of April, July, October, and January every financial year.
Which bank gives highest interest rate for senior citizens?
Top 10 Public Sector Banks Providing Higher Returns On FDs For Senior Citizens
|Sr No.||Banks||Interest Rate|
|1||Bank of Baroda||6.25%|
|2||State Bank of India||6.20%|
|3||Union Bank of India||6.10%|
Which bank is best for SCSS?
List of Banks which Offer SCSS Accounts
- United Bank of India.
- Corporation Bank.
- Canara Bank.
- Dena Bank.
- Syndicate Bank.
- Central Bank of India.
- UCO Bank.
- Union Bank of India.
Can I transfer my SCSS account from post office to bank?
Transferable. An account holder has the options to make a transfer of this SCSS scheme to a different bank account or a post office of their preference. A transfer form needs to be submitted for the same. The fee for this feature is negligible.
Is SCSS or Pmvvy better?
But, in SCSS, one’s interest rate may vary on the quarterly basis while in PMVVY, one’s interest rate is fixed at the time of investment for the entire investment period.” Jhaveri said that in SCSS, investment period is for five years while in PMVVY, the investment period is 10 years.
Is SCSS safe?
SCSS is an Indian government-sponsored investment scheme and hence is considered safe and most reliable. … 1.5 lakh under Section 80C of the Indian Tax Act, 1961. The 5-year tenure of the account can be extended for another 3 years.
Can I withdraw money from SCSS?
via authorized person: Here’s how. In case of jointly operated account, all the account holder(s) will be required to attest the signature of the authorized person.
Is SCSS a good investment?
PMVVY vs SCSS: Amid lowering fixed deposit (FD) interest rates at leading Indian banks, senior citizens are busy finding out better risk-free investment option. According to tax and investment experts, if an investor is looking for an assured investment return then Senior Citizen Saving Scheme (SCSS) is a good option.
Is it good to invest in PMVVY?
But PMVVY is safer than small finance banks as it is LIC and government-backed. You can also get predictable pension payouts for 10 years without worrying about rate moves. In a rising rate scenario, parking in upto 1 year bank deposits can help you benefit quickly from higher rates.
Can I invest every year in SCSS?
The SCSS account is transferable across the country. The account is initially opened for a period of five years which can be extended by three years. It is among the safest investment options for senior citizens.