Senior Citizens Savings Scheme: The lottery for senior citizens has been started on the very first day of the new year. If you are also taking advantage of the government scheme, then from today you will get more money. The government has recently increased the interest of Small Savings Scheme. After this decision, the employees will get interest at the rate of 8 percent. Let us tell you that the new interest rates have come into force from today. The Finance Ministry has given information about this by issuing a notification.

Ministry of Finance issued Notification

According to the notification of the Ministry of Finance, earlier the government was giving the benefit of interest at the rate of 7.6 percent on the Senior Citizens Savings Scheme. At the same time, from today i.e. from January 1, people will get interest at the rate of 8 percent. 40 basis points more interest will be available in this scheme.

Interest Rates Are Reviewed Every Quarter

Let us tell you that the interest received on the Small Savings Scheme is reviewed every quarter. Earlier, the government had increased the interest of some schemes in the month of October as well.

At What Age Can the Account be Opened?

You must be 60 years of age to open an account in SCSS. Only people of the age of 60 years or more can open an account in this scheme. Apart from this, those people who have taken VRS (Voluntary Retirement Scheme), they can also open an account in this scheme.

What is The Minimum investment That Can be Made?

The minimum amount for opening an account in this scheme is Rs 1000. If we talk about the maximum investment, then it is 15 lakh rupees. If your account opening amount is less than one lakh rupees, then you can open the account by paying cash. Whereas, to open an account for more than one lakh rupees, you will have to give a cheque.

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