look news india
Small Savings Schemes: The Central Government revises the interest of Senior Citizen Savings Scheme and Small Savings Scheme on quarterly basis. The government will announce the interest of the Senior Citizens Savings Scheme for the October to December quarter of the financial year 2023-24 on September 30. In such a situation, senior citizens are hopeful that this time the interest in the scheme may increase.
The government had kept the interest on senior citizen savings scheme SCSS unchanged for the July to September quarter. However, before the September quarter the interest of this scheme was increased twice. In the April to June quarter, the government had increased the interest from 8 percent to 8.2 percent, whereas in the March quarter of the last financial year, the interest was increased to 8 percent. At present, senior citizens are getting 8.2 percent interest in this scheme.
Will the interest of the scheme increase again?
According to the report of Financial Express, experts believe that there is no possibility of further increase in SCSS interest rate for the October-December quarter. Experts say that interest in this scheme is not at its peak yet, yet the government would like to keep it as it is.
Higher interest than fixed deposit
This scheme is very special for senior citizens, because it also saves tax. This scheme is one of the fixed income options. At the same time, this scheme is better than the interest currently available on fixed deposit schemes offered by banks.
Investment limit with tax exemption is Rs 30 lakh
SCSS Scheme is a scheme of the Government of India. The money and interest invested in this scheme is guaranteed. Apart from this, this scheme gives an investment limit of up to Rs 30 lakh. The SCSS scheme matures in five years and can be extended by up to three years. In this scheme, you can claim exemption of up to Rs 1.5 lakh under Section 80C of the Income Tax Act.
