In fact, Finance Minister Nirmala Sitaran, while presenting the budget for the year 2023, had said that from April 1, 2023, senior citizens can invest up to Rs 30 lakh in the Senior Citizens Savings Scheme (SCSS) . Earlier, the maximum limit of investment in this scheme was Rs 15 lakh. An official announcement to increase the deposit limit of SCSS can be made after the Finance Bill is passed.

What is SCSS scheme of post office

Senior citizens of the age of 60 years or above can take advantage of this post office scheme. The biggest benefit of this scheme is that in this senior citizens get the benefit of tax deduction along with a regular income. The government is running this scheme and senior citizens also get retirement benefits in it. SCSS account can be opened jointly with spouse only.

How much interest is received

The SCSS scheme of the post office offers interest at the rate of 8 per cent on a quarterly basis. Senior citizens can claim a tax deduction of up to Rs 1.5 lakh for investing in SCSS under Section 80C of the Income Tax Act, 1961. However, this tax benefit is within the overall annual limit of Rs 1.5 lakh that is prescribed for all investments under Section 80C of the Income Tax Act. Also, let us also tell you that the benefit of Section 80C is available only in the financial year in which SCSS is taken. No additional benefit under section 80C will be available for extension of existing account after five years.

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Senior Citizen Savings Scheme scheme. Currently, customers are getting 8 percent interest under the Senior Citizen Savings Scheme.

Bank is giving special FD

Ajay Kanwal, MD & CEO, Jana Small Finance Bank said that the bank is offering special FDs to its customers on its 5th anniversary. This offer will benefit senior citizens. Jana Small Finance Bank is celebrating its fifth anniversary this year on 28 March 2023. The bank said that the special FD scheme will be available to both new and existing customers of Jana Small Finance Bank.

Customers can book or invest in FDs from the comfort of their homes or offices through Internet Banking. Under the special FD, the bank is giving 8.15 per cent interest to the common people and 8.85 per cent to senior citizens on 5-year FDs.

Jana Small Finance Bank is giving an annual interest of 8.85% to senior citizens and 8.15% to general customers.

Getting so much interest

Jana Small Finance Bank (SFB) is offering 3.75 per cent interest on FDs maturing in 7-14 days. At the same time, FD of 15-60 days is 4.25 percent. For a period of 61 to 90 days, the bank is paying interest at the rate of 5.25 per cent. Offering interest at the rate of 5.50 per cent to customers for a period of 91 to 180 days. On FDs of 181-364 days, customers will get interest at the rate of 7.00 per cent.

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