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Senior Citizen Savings Scheme: The central government has allowed spouses of deceased government employees to open Senior Citizen Savings Scheme (SCSS) accounts. A notification has also been issued by the government in this regard. Earlier, spouses of deceased government employees were not allowed to open SCSS accounts. Let us tell you that SCSS is a savings scheme supported by the central government. Apart from attractive interest rates and tax exemptions, this scheme offers many benefits. It is available to individuals 60 years of age or older or retirees 55 years of age or older.
Another rule has changed: The government has made another special change in this scheme. Under this, the time limit for opening SCSS account has been increased from one month to three months for retired government employees after receiving retirement benefits.
Let us tell you that earlier SCSS account extension was considered effective from the date of application. However, the government has recently amended this rule. Now the account extension will be considered from the date of maturity or the block period of every 3 years is completed, irrespective of the date of application.
Change in Deposit Limit: This year, in the general budget, it has been announced to increase the savings limit of the amount deposited in the Senior Citizen Savings Scheme. Now senior citizens can deposit a maximum amount of up to Rs 30 lakh for five years in the post office under this savings scheme. Earlier, the saving limit of this scheme was 15 lakh rupees. In this scheme, the government gives interest benefit to the account holders every three months. After the maturity of the savings plan after five years, it can be extended for another three years. For this the interested citizen has to complete the paperwork. The interest on this scheme for the current October-December quarter is 8.2 percent.