Senior Citizen Savings Scheme (SCSS): Interest Rate and Investment Details

Investment Details

The maximum deposit for the Senior Citizen Savings Scheme (SCSS) has been increased from Rs. 15 lakhs to an unspecified amount.

Interest Rate

Current Rate

The current interest rate offered on the SCSS scheme is 8.20% per annum (p.a.).

Fixed Rate

Throughout the term of 5 years, the rate of interest applicable to a particular account will remain the same.

Decision-Making Authority

The rate of interest is decided by the Ministry of Finance from time to time.

Investment Tenure

The investment tenure for the scheme is 5 years.

Conclusion

The Senior Citizen Savings Scheme offers a competitive interest rate and is backed by the Government of India, making it a reliable investment option for senior citizens. The recent increase in the maximum deposit limit provides an opportunity for seniors to secure their savings with a high return.