 "Extend your SCSS account's maturity period even after it has expired (1)")
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Senior Citizen Savings Scheme (SCSS) is a preferred fixed income investment option for senior citizens as it offers over 8 per cent interest rate. The primary objective of this scheme is to help senior citizens ensure a regular flow of income post retirement.
What is Senior Citizen Savings Scheme?
The SCSS is a government-backed retirement savings program designed to provide financial security and regular income to senior citizens. Launched by the government, this scheme offers a range of attractive features that make it a popular investment choice among the elderly.
Who can avail it?
An individual must be 60 years of age or older at the time of opening an account. Someone between 55 and 60 years who has retired under superannuation, VRS, or Special VRS is also eligible to open an account under the Senior Citizen Savings Scheme. For ex-servicemen, it is 50 and above.
Can you extend SCSS account’s maturity period months after its expiry?
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The tenure of the savings scheme is five years. You can choose to extend the tenure for another three years. You have to submit a request to the bank within one year from the maturity date. You can select to extend the tenure just once. The interest rate that was applicable on the day of SCSS maturity, will continue for the extended period.
Benefits of investing in the SCSS:
Guaranteed Returns: The SCSS is a government-backed scheme, ensuring the safety of the invested funds and a guaranteed return on investment.
Regular Income: The quarterly interest payouts provide a steady stream of income for senior citizens, helping them meet their financial needs during retirement.
Tax Savings: The tax deductions under Section 80C make the SCSS an attractive investment option for senior citizens looking to reduce their tax liability.
Flexibility: The option to extend the account tenure and the ability to transfer the account between banks and post offices add to the scheme's flexibility.
Accessibility: The SCSS can be opened at any authorised bank or post office, making it easily accessible to senior citizens across the country.
