Senior citizens saving scheme 9% interest per annum - ALLCGNEWS

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21 August 2010

Home PENSIONERS Senior citizens saving scheme 9% interest per annum

Senior citizens saving scheme 9% interest per annum

Higher Rate of Interest under Senior Citizens Saving Scheme




    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. Persons who are 60  years of age and above can make a deposit under the scheme. Those retired  persons who are 55 years of age and above but below 65 years are also  eligible to invest their retirement benefits subject to maximum deposit  limit of Rs.15 lakh under the scheme.

    Facility of loan or overdraft against the deposit would necessitate pledging  of the deposit under this scheme. As a consequence, the subscriber of a  pledged account will not be able to withdraw the interest amount  periodically defeating the very purpose of the scheme.

    This information was provided by the Minister of State for Finance, Shri  Namo Narain Meena in reply to an Unstarred Question in Lok Sabha today.


Source -PIB
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