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Senior Citizens Savings Scheme

Latest Articles


Senior Citizen/ Super Senior Citizen – Income Tax Benefits allowable

Income Tax : Learn about tax benefits for senior and super senior citizens, including deductions on health insurance, medical expenses, interes...

September 6, 2024 1599 Views 0 comment Print

All about Senior Citizen Savings Scheme (SCSS)

Income Tax : Introduction: The Senior Citizen Savings Scheme (SCSS) has undergone significant updates following the November 2023 notification ...

January 17, 2024 46356 Views 1 comment Print

Retirement Planning Options & Strategies: From PPF to NPS

Finance : Discover key retirement planning options and strategies, from PPF to NPS. Explore government schemes, mutual funds, bank deposits,...

April 16, 2023 2334 Views 0 comment Print

वरिष्ठ नागरिकों के लिए लाभकारी कानूनों और योजनाओं का विश्लेषण

Income Tax : बुढ़ापा एक सामान्य मानवीय प्रक्रिया है जो मानव ज...

March 19, 2022 47052 Views 3 comments Print

Save Taxes the Right Way (Invest+Tax Savings)

Finance : It’s that time of the year when you need to invest in different investment products to enable tax savings for FY 2021-22 OR else...

March 6, 2022 8313 Views 0 comment Print


Latest News


Changes in Senior Citizen Savings Scheme

Finance : Stay informed about recent updates in small saving schemes post-retirement, including rules for opening accounts and time limits f...

February 7, 2024 2271 Views 0 comment Print

Clarification in operation of Senior Citizens’ Savings Scheme

Finance : In the operation of Senior Citizens’ Savings Scheme (SCSS), it has been noticed in few cases on the death of the account holder,...

September 30, 2022 2511 Views 0 comment Print

Investment Limit for Sr Citizens doubled to Rs.15 lakh under PMVVY

Corporate Law : The Union Cabinet chaired by chaired by Prime Minister Shri Narendra Modi has given its approval for extending the investment limi...

May 3, 2018 2379 Views 2 comments Print

Govt proposes single act for PPF & Govt small savings schemes

Finance : At present, premature closure of a Public Provident Fund (PPF) account is permitted on specified grounds on completion of five fin...

March 10, 2018 1764 Views 0 comment Print

Interest rate cut by 0.10% on KVP, PPF, SCSS 2004 & Sukanya Samriddhi

Finance : The interest rates of Public Provident Fund (PPF), Kisan Vikas Patra (KVP), Senior Citizens Savings Scheme, 2004 (SCSS 2004), and ...

November 30, 2016 3952 Views 0 comment Print


Latest Notifications


Small Savings Schemes Interest Rates for January to March 2025

Finance : Interest rates for Small Savings Schemes for Q4 of FY 2024-25 will remain unchanged from Q3, effective January 1, 2025....

January 1, 2025 5613 Views 0 comment Print

Revised Small Savings Schemes Interest Rates for October to December 2024

Finance : The Government of India keeps interest rates unchanged for Small Savings Schemes for Q3 FY 2024-25, effective from October 1 to De...

September 30, 2024 18525 Views 0 comment Print

Revised Small Savings Schemes Interest Rates for July to September 2024

Finance : Discover the latest interest rates for Small Savings Schemes for April-June and July-September 2024. Get detailed insights and com...

June 28, 2024 6648 Views 0 comment Print

Revised Small Savings Schemes Interest Rates for April-June, 2024

Finance : Read about the official memorandum from the Ministry of Finance on small savings schemes interest rates for the first quarter of F...

March 8, 2024 10665 Views 0 comment Print

Revision of interest rates for Small Savings Schemes w.e.f. 01.01.2024

Finance : Explore SB Order No. 23/2023 issued by the Government of India, Ministry of Communications, on the revision of interest rates for ...

December 29, 2023 2115 Views 0 comment Print


Interest Rates on Small Savings Schemes w.e.f. 01.07.2016 to 30.9.2016

June 20, 2016 6733 Views 0 comment Print

On the basis of the decision of the Government, interest rates for small savings schemes are to be notified on quarterly basis. Accordingly, the rates of interest on various small savings schemes for the second quarter of financial year 2016-17, on the basis of the interest compounding/payment built-in in the schemes, shall be as under:

Interest rate on Senior Citizens Savings Scheme from 01.04.2015

July 27, 2015 4000 Views 0 comment Print

In the Senior Citizen Savings Scheme Rules, 2004, in rule 7, in sub-rule (1), after the third provisio, following proviso shall be inserted, namely:—Provided also that in the case of a deposit made under these rules on or after the 1st day of April, 2015, it shall bear at the rate of 9.3 per cent. per annum from the date of deposit.

All about Senior Citizens Savings Scheme, 2004

May 3, 2015 70418 Views 38 comments Print

As name itself suggests, this scheme is only for the senior citizens. The account may be opened by an individual, who has attained age of 60 years or above on the date of opening of the account. The account may also be opened by those who has attained the age 55 years or more but less than 60 years and has retired under a Voluntary Retirement Scheme or a Special Voluntary Retirement Scheme on the date of opening of the account or within three months from the date of retirement.

PPF Interest Rate increased to 8.80% p.a. 5 year SCSS, 2004 to 9.3% p.a.

April 3, 2012 4647 Views 0 comment Print

RBI Circular No. DGBA.CDD. No. H- 6506 The Government of India have vide their Office Memorandum (OM) No. 6-1/2011-NS.II (Pt.) dated March 26, 2012, advised the rate of interest on various small savings schemes for the financial year 2012-13. Accordingly, the rates of interest on PPF, 1968 and SCSS, 2004 for the financial year 2012-13 effective from April 01, 2012, on the basis of the interest compounding/payment built-in in the schemes, will be as under:

PPF Scheme, 1968/Senior Citizens Savings Scheme Rules, 2004 – Notified branches of Central Bank of India

February 1, 2012 3149 Views 0 comment Print

n pursuance of clause (b) of paragraph 2 of the Public Provident Fund Scheme, 1968 and of sub-clause (ii) of clause (e) of rule 2 of Senior Citizens Savings Scheme Rules, 2004, the Central Government hereby further auhorises the following 111 branches of Central Bank of India to receive, with immediate effect, subscriptions under the Public Provident Fund Scheme, 1968 and Senior Citizens Savings Scheme Rules, 2004:—

Authorization of Specified Branches of SBI to receive, with immediate effect, subscriptions under Public Provident Fund Scheme, 1968 and Senior Cit

November 18, 2011 8336 Views 0 comment Print

Notification No. 7/9/2011 – Income Tax Central Government hereby authorises the following 50 branches of Bank of India to receive, with immediate effect, subscriptions under the Public Provident Fund Scheme, 1968 and Senior Citizens Savings Scheme Rules, 2004:—

Interest Rates on Post office Saving Account, Deposit, RD, SCSS, MIS, NSC and PPF to increase soon

November 11, 2011 15918 Views 1 comment Print

Interest Rates on Small Savings Instruments (i) The rate of interest paid under Post Office Savings Account (POSA) will be increased from 3.5% to 4% p.a. (ii) The rate of interest on small savings schemes will be aligned with G-Sec rates of similar maturity, with a spread of 25 basis points (bps) with two exceptions. The spread on 10 year NSC (new instrument) will be 50 bps and on Senior Citizens Savings Scheme 100 bps. The interest rates for every financial year will be notified before 1st April of that year.

Higher Rate of Interest under Senior Citizens Saving Scheme

August 21, 2010 720 Views 0 comment Print

The Senior Citizens Savings Scheme, 2004 (SCSS), was designed to meet the need of a regular flow of income for the senior citizens and retired persons with security of investment, liquidity of funds and operation convenience. Keeping in view of the above, higher rate of interest at 9 percent per annum is offered to all senior citizens under this scheme.

Senior Citizens Savings Scheme, 2004 – Acceptance of Form 15-G from Nominees

June 12, 2009 1312 Views 0 comment Print

Circular Ref. No. DGBA.CDD.H-10566/15.15.001/2008-09 Dated 5-6-2009 As you are aware, investors under Senior Citizens Savings Scheme, 2004 (SCSS) are eligible to file Form 15-G and 15-H to claim exemption from TDS on the interest payable on the deposits under the said scheme. 2. Central Board of Direct Taxes have now clarified, vide their Office Memorandum F.No.275/36/2009-IT(B) […]

Senior Citizens Savings Scheme Rules, 2004

October 29, 2004 597 Views 0 comment Print

(1) These rules may be called the Senior Citizens Savings Scheme Rules, 2004. (2) They shall come into force on the 2nd day of August, 2004.

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