Senior Citizen Saving Scheme

Senior citizens have time till March 31, 2023, to sign up for the Pradhan Mantri Vaya Vandana Yojana (PMVVY)

PPF and post office savings schemes are among the most popular investment products for long-term investors

Income tax benefits are available on Time Deposit (TD), Senior Citizen Savings Scheme (SCSS), Public Provident Fund (PPF) and National Savings Certificates (NSCs).

India Post, through its vast network of post offices across the country, offers a whole host of government's small savings scheme like Senior Citizen Savings Scheme, Monthly Income Account, Public Provident Fund (PPF) Scheme, Kisan Vikas Patra and Sukanya Samriddhi Yojana (SSY) Account Scheme among other saving schemes.

For the current quarter, which ends on December 31, these savings schemes provide interest rates to the tune of 4-7.6%

Small Savings Schemes: There are currently nine government-run small saving schemes, including the Public Provident Fund (PPF) and the Senior Citizen Savings Scheme (SCSS).

From April 1, the government has lowered the interest rates applicable to most small savings schemes by up to 140 basis points (1.4 percentage point).

Senior Citizen Savings Scheme: For the quarter ending March 31, the government last month retained the interest rates applicable to small savings schemes such as SCSS at existing levels.

These investment schemes - including the 15-Year Public Provident Fund account and the Senior Citizen Savings Scheme - offer interest rates to the tune of 4-8.6 per cent in the quarter ending March 31, according to a finance ministry statement. Opening of a post office account in any of these schemes requires minimum investment in the range of Rs 2...

Small savings rates are revised every quarter and if there is no change in the rates, the finance ministry retains the existing rates.

Post office small savings schemes are handy investment tools in such a scenario as they provide a decent rate of interest. Moreover, these saving schemes are low on risk and are designed for every segment of society, from the rich to the poor, the girl child to the retired senior citizen, and so on.

Investments under the post office senior citizen savings scheme (SCSS) also qualify for the benefit of Section 80C of the Income Tax Act.

Post office saving schemes: The senior citizen scheme is for people above 60 years of age while Sukanya Samriddhi scheme is meant for a girl child.

Interest rates on post office saving schemes move in line with government's interest rates on small savings schemes.

Senior Citizen Savings Scheme (SCSS), meant for people above the age of 60, offers an interest rate of 8.6 per cent per annum. An individual can open senior citizen savings account with post offices or commercial banks such as State Bank of India (SBI). A depositor can operate more than one SCSS account, subject to the condition that deposits in al...

Senior citizens have time till March 31, 2023, to sign up for the Pradhan Mantri Vaya Vandana Yojana (PMVVY)

PPF and post office savings schemes are among the most popular investment products for long-term investors

Income tax benefits are available on Time Deposit (TD), Senior Citizen Savings Scheme (SCSS), Public Provident Fund (PPF) and National Savings Certificates (NSCs).

India Post, through its vast network of post offices across the country, offers a whole host of government's small savings scheme like Senior Citizen Savings Scheme, Monthly Income Account, Public Provident Fund (PPF) Scheme, Kisan Vikas Patra and Sukanya Samriddhi Yojana (SSY) Account Scheme among other saving schemes.

For the current quarter, which ends on December 31, these savings schemes provide interest rates to the tune of 4-7.6%

Small Savings Schemes: There are currently nine government-run small saving schemes, including the Public Provident Fund (PPF) and the Senior Citizen Savings Scheme (SCSS).

From April 1, the government has lowered the interest rates applicable to most small savings schemes by up to 140 basis points (1.4 percentage point).

Senior Citizen Savings Scheme: For the quarter ending March 31, the government last month retained the interest rates applicable to small savings schemes such as SCSS at existing levels.

These investment schemes - including the 15-Year Public Provident Fund account and the Senior Citizen Savings Scheme - offer interest rates to the tune of 4-8.6 per cent in the quarter ending March 31, according to a finance ministry statement. Opening of a post office account in any of these schemes requires minimum investment in the range of Rs 2...

Small savings rates are revised every quarter and if there is no change in the rates, the finance ministry retains the existing rates.

Post office small savings schemes are handy investment tools in such a scenario as they provide a decent rate of interest. Moreover, these saving schemes are low on risk and are designed for every segment of society, from the rich to the poor, the girl child to the retired senior citizen, and so on.

Investments under the post office senior citizen savings scheme (SCSS) also qualify for the benefit of Section 80C of the Income Tax Act.

Post office saving schemes: The senior citizen scheme is for people above 60 years of age while Sukanya Samriddhi scheme is meant for a girl child.

Interest rates on post office saving schemes move in line with government's interest rates on small savings schemes.

Senior Citizen Savings Scheme (SCSS), meant for people above the age of 60, offers an interest rate of 8.6 per cent per annum. An individual can open senior citizen savings account with post offices or commercial banks such as State Bank of India (SBI). A depositor can operate more than one SCSS account, subject to the condition that deposits in al...