New rules of Senior Citizen Savings Scheme: Senior Citizens Savings 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 under this scheme or have already invested, 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 an SCSS account, people have 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 deducted and returned to you. Earlier, in such a situation, one percent interest was deducted on the deposited amount and returned.
According to the new rules, after investing in Senior Citizen Saving Scheme for 2 years, 3 years, 5 years, if you close the account more than 6 months and before 1 year, then the amount will be returned according to the number of months. will be given. Which you have invested. You will get the benefit of interest. The time period of five years has been removed in the new rules. The benefit of this interest rate will be compared to the interest rate of post office savings account. Whereas if you close the account within four years after investing in the scheme for five 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 plan
After receiving retirement funds under the Senior Citizens 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.