Today i.e. from April 1, 2023, two major changes will be seen in the post office ‘Senior Citizen Saving Scheme’ (SCSS). Finance Minister Nirmala Sitharaman has doubled the investment limit under this scheme in the general budget presented on February 1, 2023 as compared to earlier. Apart from this, the central government increased the interest rates under this scheme from 8% to 8.20%.

You can start investing with a minimum of Rs 1,000.

Explain that under this scheme, senior citizen customers who are 60 years old invest for a maturity of 5 years. Such customers can start investing with a minimum of Rs 1,000. Earlier the maximum investment limit under this scheme was Rs 15 lakh, which has now been increased by the Finance Minister to Rs 30 lakh. Explain that under this scheme, the interest rates are paid on a quarterly basis.

Tax benefits up to Rs 1.5 lakh will be available

On the other hand, apart from interest, you also get the benefit of tax benefits under this scheme. Under this scheme, you also get a rebate of up to Rs 1.5 lakh under Section 80C of Income Tax.

Also, if you withdraw the amount before maturity or close the account, some amount will be deducted from your account and returned. If you do this between 1 year to 2 years from the date of opening the account, then 1.50% will be deducted from your account while after 2 years, 1% will be deducted.

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