People who are over 60 can invest in and benefit from this scheme. For those who invest in this, there is an age relaxation for security forces employees. A maximum of Rs 30 lakh may be deposited under this program. It is a secure avenue for investing.
Investors can close their SCSS accounts or withdraw their money before maturity. The investor must pay a fine for this. Investors can earn up to 8.2 percent interest on their savings under this plan from April 1, 2023, until June 30, 2023. After that, every three months, the government changes the interest rates. The interest rate under the senior citizen savings scheme is paid every quarter and is taxable.
When can an SCSS account be closed?
The Senior Citizen Savings Plan has a five-year term. However, it can be prolonged for an additional three years upon maturity. Form No. 2 must be filled out and submitted to close the account at any time. Additionally, there are some requirements for this.
The scss interest rate earned on the money deposited will not be available if you decide to close your Senior Citizen Savings Scheme account before one year has passed. However, the investor will receive a refund of the remaining sum.
A sum equal to one and a half percent (1.5%) of the deposit amount will be retained back in the event of closure after the first year but before the second. The investors will then be given the remaining sum.
One percent of the deposit amount will be taken out when this account is closed, which will happen after about two years. After that, the investor will receive a refund of the remaining sum.
The scss scheme investment cap has been set. The minimum and maximum deposits under this are 1000 and 30 lakh rupees, respectively. From the date of account opening, the account matures over the following five years.