Senior Citizen Savings Scheme to Make Retirement Heaven!

Usually, as we age and reach retirement we rely on our savings to keep our lifestyle the same. To enjoy a good and comfortable retirement life we should have enough money in hand. In this article, we will discuss a savings plan specially designed for senior citizens. Senior Citizen Savings Scheme. This government-backed savings scheme offers higher interest rates than other savings options.
What is the Senior Citizen Savings Scheme?
Senior Citizen Savings Scheme (SCSS) is a deposit scheme specially designed for senior citizens in India. This scheme is considered very safe as it is supported by the government. SCSS is a great choice for senior citizens as it validates a safe investment with a guaranteed interest rate.
Who can open a Senior Citizen Savings Scheme account?
A person who has attained the age of 60 years or above on the date of opening the account or who has attained the age of 55 years and has retired under the Old Age Retirement Scheme under the Age of 60 years or has retired under the VRS or Special VRS can open an SCSS account.
Retired defense service personnel can open this account upon attaining the age of 50 if they fulfill certain conditions. One is allowed to open this account either alone or as a joint account with a spouse. However, the liability of the total amount of deposit in the joint account rests solely with the first account holder.
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S Venkateshwari

24/07/2024 07:54 PM