OwlBrief delivers the latest global news and insights in a concise, easy-to-read format. Stay informed with wise, reliable updates tailored for you. Discover the world’s top stories at a glance.
The article provides detailed information on extending the investment period of the Senior Citizen Savings Scheme (SCSS). It covers the process, eligibility criteria, interest rates, and rules for premature withdrawal. This scheme is a popular investment option for senior citizens, offering security and steady returns.
Key Insights:
How to Extend SCSS Investment Period: The Senior Citizen Savings Scheme (SCSS) allows for an extension of the investment period once the initial five-year term is over. The extension can be for an additional three years, provided the request is made within one year of maturity.
Interest Rate Information: The article outlines the interest rates applicable for the SCSS, which are subject to quarterly revisions by the government. As of the latest update, the interest rate is 7.4% per annum.
Premature Withdrawal Policies: The SCSS has provisions for premature withdrawal, but it comes with penalties. If withdrawal happens within the first year, no interest is payable. If it occurs after the first year but before the second year, 1.5% of the deposit is deducted as a penalty.
Eligibility and Benefits: The scheme is available to senior citizens aged 60 years and above. It offers a safe investment avenue with assured returns, making it a popular choice among retirees looking for a stable income.
