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Explained: Senior Citizens Savings Scheme (SCSS) Current Withdrawal Rules

Senior Citizens Savings Scheme is a prominent small savings scheme for senior citizens, with a current interest rate of 7.4 percent per year. SCSS, which has a five-year maturity period, allows them to gain a steady income during their retirement age. ...

Should I As A Senior Citizen Opt PMVVY Over SCSS, Bank FDs & Annuity Plans?

Senior Citizens Savings Scheme (SCSS), bank FDs, and the Pradhan Mantri Vaya Vandana Yojana (PMVVY) are some of the common investment opportunities available to the senior citizens. PMVVY is provided by Life Insurance Corporation of India (LIC) whereas SCSS is provided ...

What Makes Me To Opt Senior Citizen Savings Scheme Than Bank FDs?

Owing to the relentless inflation followed by lower interest rates all across, all retired elderly people find it impossible to achieve their financial goals. The interest rates as of now paid on fixed deposits by banks have fallen to about 5 ...

POMIS Vs SCSS Vs PMVVY Vs Bank FD: A Comparison To Seek Regular Income

There are many investment options to decide from for those investors who prefer a regular income on their portfolios. That being said, certain investors, who are mainly senior citizens, need their holdings to be secure, stable, fixed and at a good ...

PMVVY Vs SCSS: Where Should I Invest?

Pradhan Mantri Vaya Vandana Yojana Or Senior Citizen Savings Scheme (SCSS) (PMVVY) the 2 major choices for investment available in India for senior citizens. In reality, PMVVY recently received an extension of 3 years until March 2023 whereas SCSS has been ...

POMIS vs SCSS vs PMVVY: Which Can Be A Good Bet For Senior Citizens?

As the interest rates of fixed deposits are now record low, individuals are searching for other debt investment strategies that offer high-interest rates and give assured returns. Senior citizens who want to enjoy a financially comfortable, prosperous life are seeking to ...

Budget 2021: SBI Economists Suggests Making Interest Income On SCSS Tax Free

SBI Economists, in a report, have suggested that in the upcoming Union Budget 2021 scheduled to be presented on 1 February, the government should consider making interest income from Senior Citizens Savings Scheme tax-free. It has also suggested a higher tax-free ...

SBI Senior Citizen FD Vs SCSS: A Comparison In Terms Of Good Returns For Seniors

Senior citizens want their freedom after retirement to be secured. They seek to have a monthly income for their investment. Bank fixed deposits (FDs) and the Senior Citizen Savings Scheme (SCSS) are the ideal investment opportunities, keeping the long-term stability aspect ...

Senior Citizen Savings Scheme: All You Need To Know About Tax Benefits

Many elderly people currently are searching for secure investment ways to receive a decent return on them at the same time. Not only a regular income stream but also with tax-saving benefits are provided by the most preferred investment option for ...

Department Of Post Clarifies On Eligibility To Open SCSS

After a query was raised regarding whether or not the employee from the private sector can open the Senior citizen savings scheme (SCSS) account, the Department of Post has issued a note. The note says that the SCSS 2019 does ...

How To Invest In Senior Citizen Savings Scheme?

The SCSS, a government scheme, lets senior citizens invest funds in or for retirement benefits and receive interest income of 7.4% from the deposit on a quarterly basis. A SCSS account can be opened individually or jointly with your spouse at ...

Premature Withdrawal Of ULIP, SCSS, PO Time Deposit: This Taxation Aspect Needs Your Attention

All of the post office small savings schemes including term deposit, NSC, SCSS or senior citizens savings schemes and also for that matter ULIP or unit linked insurance product come with a minimum holding period or a lock-in term. And investments ...

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