People benefit a lot from government savings schemes. Due to this, they get expenses in the form of pension every month. So that they can live. Let us know what is the specialty of this scheme…
The government has given a big gift to the senior citizens in the quarter of April. The interest rate on the small savings scheme for the elderly has been increased and the investment limit has been increased. Its direct benefit will be to the people investing in these savings schemes. The new interest rates have come into effect from 1 April. Means now the elders investing in this scheme will be able to get more profit by investing more.
After the break of the job i.e. retirement, where the monthly income of the people stops. At the same time, people benefit a lot from these government savings schemes. Due to this, they get expenses in the form of pension every month. So that they can live. Let us know what is the specialty of this scheme…
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Investment limit doubled
The government has doubled the investment limit in this scheme. In such a situation, those who invest in it get strong returns with the money being safe in it. Earlier the investment limit in this scheme was Rs 15 lakh, which has now been increased to Rs 30 lakh.
Features of SCSS
- The age limit for minimum investment in Senior Citizen Savings Scheme is 60 years.
- You will be able to invest in this scheme for 5 years.
- Also, under Section 80C of Income Tax, you get a rebate of Rs 1.5 lakh on this.
- By investing in this scheme, your regular is arranged.
- To invest in this scheme, you can open its account in any post office.
increase in interest rates
The government has increased the interest rate available on this scheme by 8.20% in the first quarter of April. It used to get 8.00% return in the last quarter of the last financial year.
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