Information about SCSS

Who can invest in SCSS?

The government has established the minimum investing age for private citizens at 60. If an early retiree has chosen voluntary retirement or corporate retirement, they may also invest between the ages of 55 and 60. Investments must be made in accordance with this clause one month after obtaining retirement benefits. Please be aware that this plan is not open to NRIs or HUFs (Hindu Undivided Families). Defence employees who are 50 years or older may also invest in this programme.

What is the rate of interest under SCSS?

The Ministry of Finance, which is part of the Indian government, sets the interest rates. Every quarter of the fiscal year, the finance department reviews and updates the interest rates. The interest rate has been set at 8.6% p.a. for the quarter ending March 31, 2020. According to the rate set for that quarter, the interest rate on the investment is fixed. If you are extending your account after it has reached maturity, the interest rate in effect at that time will apply. Different dates are used to compute and pay the interest rate.

More news on tax exemptions can be fetched from 80g certificate.

What is the maximum investment allowed under this plan?

Minimum Investment:-

A minimum investment of Rs. 1000 or multiples thereof is required.

Maximum Amount:-

This plan allows investments up to Rs. 15 lakhs, all of which must be made in Rs. 1,000 denominations. You must make sure that the amount you invest is less than the retirement income you got. This implies that you can invest either Rs. 15 lakhs or the amount you received as your retirement bonus in this programme, depending on which is lesser in value.

Number of Accounts:-

An elderly person is permitted to retain an unlimited number of accounts. Either a sole account in your name or a joint account with your spouse, are options for investing. The spouse must be the joint depositor in a joint account; a son or daughter cannot be the joint depositor. However, the total amount of money in all the accounts must not be more than the permitted amount.

Investment in Cash:-

If the investment is less than Rs. 1 lakh, cash can be used to start the account. If the investment is more than Rs. 1 lakh, a check must be used to make the payment. When the money appears in the government's account, that is when the investment date for cheque deposits is decided.

Information on registration of 80g.