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large information! Finance Ministry adjustments the principles of Senior Citizen Saving Scheme – Senior Citizen Financial savings scheme SCSS 2019 has been notified by ministry of finance replaces Guidelines 2004 maturity time period 5 years | Enterprise – Information in Hindi

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big news! Government changes the rules of Senior Citizen Saving Scheme

What has changed in the rules of senior citizens

The Finance Ministry has made several changes in the rules of Senior Citizen Saving Scheme (SCSS 2019). Now the Senior Citizen Saving Scheme 2019 has replaced the previously released SCSS Rules 2004. Under this, the minimum deposit amount is Rs 1,000 and the maximum deposit amount is Rs 15 lakh.

  • News18
  • Last Updated:
    December 19, 2019, 6:37 PM IST
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  • Edited by: Puja menon
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new Delhi. The Ministry of Finance has released new rules related to Senior Citizen Saving Scheme 2019 (SCSS) 2019. These rules will replace the SCSS Rules 2004. In this scheme, any person retiring at the age of 60 years can invest their money for five years. SCSS earns more interest than bank fixed deposits. The new rules will not apply to accounts already in operation.

Above 8 percent interest –Under the Senior Citizen Saving Scheme, more than 8 percent interest is available. The Finance Ministry reviews the interest rate of this scheme every 3 months.

>> The calculation of interest in this scheme is every quarter. Under this, money is put into the account of the account holder on 1 April, 1 July, 1 October and 1 January.

>> The duration of this scheme is 5 years and it can be extended for further three years. If you withdraw from the account before time, then you have to pay some fee for this.Also read: Now there is no need to go to the bank branch, SBI offers these 14 services through ATM

>> Any person retiring at the age of 60 years can invest in this scheme. Under this, a single or joint account can be opened.

>> The facility of this scheme is available in the post office or any bank. >> According to this scheme, up to 15 lakh can be invested in it by opening a joint or single account. However, the amount invested in it should not be more than the amount received on retirement.

Also read: Rail Alert! This train was delayed due to bad weather, see full list here

>> If you are investing 1 lakh rupees to open an account in this scheme, then you can give it in cash. At the same time, if this amount is more than 1 lakh, then you have to deposit it as a check.

>> The maximum amount of the deposit is either the amount received on retirement or Rs 15 lakh or both, whichever is less.

3 years extension will also be available

SCSS 2019 approves the 3-year extension of the account after maturity and you will get the interest rate that was given at the time of maturity of the account.

Also read: Big news for those investing in PPF! Changed money withdrawal rules

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First published: December 19, 2019, 11:48 AM IST

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