The investment limit under this scheme has been doubled within the basic finances introduced on February 1, 2023. Apart from this, the central government have elevated the rates of interest under this scheme from 8% to 8.20%.
There is great news for senior citizen clients. Today i.e., from April 1, 2023, two main modifications might be seen within the post workplace ‘Senior Citizen Saving Scheme’ (SCSS). Finance Minister Nirmala Sitharaman has doubled the investment limit under this scheme within the basic finances introduced on February 1, 2023, as in comparison with earlier. Apart from this, the central authorities elevated the rates of interest beneath this scheme from 8% to 8.20%.
You can start investing with a minimum of Rs 1,000.
Explain that under this scheme, senior citizen clients who’re 60 years previous make investments for a maturity of 5 years. Such clients can begin investing with a minimum of Rs 1,000. Earlier the utmost funding restriction beneath this scheme was Rs 15 lakh, which has now been elevated by the finance minister to Rs 30 lakh. Explain that beneath this scheme, the rates of interest are paid on a quarterly foundation.
Tax benefits of as much as Rs 1.5 lakh might be accessible.
On the other hand, aside from curiosity, you additionally get the good thing about tax benefits under this scheme. Under this scheme, you also get a rebate of as much as Rs 1.5 lakh beneath Section 80C of Income Tax.
Also, in case you withdraw the amount earlier than maturity or shut the account, some quantity might be deducted from your account and returned. If you do that between 1 year to 2 years from the date of opening the account, then 1.50% might be deducted from your account while after 2 years, 1% might be deducted.