Senior Citizen Saving Scheme New Rules:Senior Citizen Saving Scheme is a very popular scheme run by the Central Government which has crores of account holders across the country. If you are also a senior citizen and are going to invest or have already invested under this scheme, then this news is useful for you. The government has changed the rules of the Senior Citizens Savings Scheme and has also issued a notification on November 7, 2023. If you are thinking of withdrawing money under this scheme, then know about its changed rules here.
SCSS rules for withdrawing money changed –
Many times after opening a SCSS account, people need to close it within a year. If this has happened to you too, then know that now the rules for pre-mature withdrawal have changed. After the change in rules, if you close the account within one year of opening the account, then in such a situation, 1 percent of the deposited amount will be refunded to you after deducting it. Whereas earlier in such a situation, one percent of the interest deposited on the amount was deducted and returned.
According to the new rules, after investing 2 years, 3 years, 5 years in Senior Citizen Saving Scheme, if you close the account more than 6 months and before 1 year, then the amount will be refunded according to the number of months you have invested. You will get the benefit of interest. The time period of five years has been removed in the new rules. This interest rate will benefit from the interest rate of post office savings account. Whereas after investing in the scheme for five years, if you close the account within four years, then in this situation also you will get the benefit of interest on the savings account. Earlier, in this situation, the benefit of SCSS interest rate was available for 3 years.
These changes were also made in the scheme
After receiving retirement funds under the Senior Citizen Savings Scheme, you can now open an account within 3 months instead of 1 month. Along with this, earlier in this scheme, after completion of the period of 5 years, you could extend it only once for 3 years. After the change in rules, you can extend it as many times as you want for 3 years. Along with this, let us tell you that under this scheme, you will get interest only as per the date of investment or the date of extension of the scheme.
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