Senior Citizen Saving Scheme: The government can give good news to the elderly very soon. It is noteworthy that the Central Government revises the interest of Senior Citizen Saving Scheme (SCSS) and Small Saving Scheme (SSS) on quarterly basis. The government will announce the interest of Senior Citizen Saving Scheme for the October to December quarter of the financial year 2023-24 on September 30. In such a situation, there is hope of increasing interest in the scheme among senior citizens.
Increase in interest rate from 8 percent to 8.2 percent
Let us tell you that the Central Government had not made any change in the interest of Senior Citizen Saving Scheme (SCSS) during the July to September quarter. However, the interest of this scheme had increased twice before the September quarter. In the April to June quarter, the government had increased the interest from 8 percent to 8.2 percent, whereas in the March quarter of the last financial year, the interest was increased to 8 percent. was given. Currently, senior citizens are getting 8.2% interest in this scheme.
Further increase in SCSS interest rate
There is no possibility of further increase in SCSS interest rate for the October-December quarter. He said that the interest in this scheme is not at its peak yet, yet the government does not seem to be in the mood to make any changes in it.
Investment limit of Rs 30 lakh with tax exemption
The money and interest invested in the SCSS scheme of the Government of India is guaranteed. Apart from this, this scheme gives an investment limit of up to Rs 30 lakh. This scheme matures in 5 years and can be extended for further 3 years. In this scheme, you can claim exemption under Section 80C of the Income Tax Act up to Rs 1.5 lakh.
More interest than FD
This scheme is double beneficial for senior citizens because it also involves tax saving. This scheme is one of the fixed income options. At the same time, this scheme is better than the interest on fixed deposit (FD) schemes currently offered by banks.