It is crucial that you are aware of this news whether you are a senior citizen or if there is one living with you. The Central Government has loosened the requirements for the Senior Citizens Saving Scheme. Permission to open an account for three months, as opposed to one month, has been granted for the Senior Citizens Saving Scheme. Account holders can now extend their accounts for any block in addition to this.
The Senior Citizens Saving Scheme
is intended for individuals over 60 or for employees over 55 but under 60. An annual interest rate of 8.2 percent is offered under this arrangement. Details regarding these modifications were provided by the Economic Affairs Division of the Finance Ministry on 7 November.
For individuals over 55 and under 60,
the government has extended the period for investing in SCCS from one month to three months. As of right now, you have to invest within a month after retiring under this condition.
The extent of benefits for retirement has been elucidated.
Any form of remuneration received after retirement is referred to as a retirement benefit, per the announcement. Provident fund obligations, retirement or death gratuities, encashment of leaves, and retirement benefits under EPS are all included in this.
Spouses of government workers are now
permitted to invest the financial assistance amount under the new rules. The new regulations state that 1% of the deposited amount would be withheld if the account is closed before the full year has passed. Prior to this, interest was not paid on accounts canceled before a year, and any remaining balances were refunded. One percent will be subtracted from the principal amount in the event that no interest is accumulated.
Any amount of blocks can be added to an account by its holders. Every block has a three-year lifespan. Its extension was previously only permitted once.
The notification states that if an
the investor has made five years of investments. However, in this case, the account holder will only receive the savings account’s interest if he cancels the account within the allotted four years. Prior to now, the scheme’s interest rate was in effect for a period of three years. The five-year investment period has also been eliminated, citing the announcement.
The Postal Department has recently released a notification.
This states that if you fund your Senior Citizen Scheme account for one, two, or three years and then close it, in six months or one year. In this situation, interest will be paid for the number of months you have invested.
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