Senior Citizen Savings Scheme investment limit hiked to Rs 30 lakh
The Indian government has recently issued a notification regarding the Senior Citizen Savings Scheme (SCSS) investment limit hike, raising it from Rs 15 lakh to Rs 30 lakh.
The SCSS is a government-backed scheme that provides financial security to senior citizens in India by offering an attractive interest rate on their investments.
This decision to double the investment limit was taken to provide greater financial security to senior citizens in the country, especially in the wake of the ongoing COVID-19 pandemic.
With the new investment limit, senior citizens will have the option to invest a larger amount in the scheme, which offers a fixed rate of interest of 7.4% per annum.
The SCSS scheme is available to Indian residents who are aged 60 years or above. However, those who have retired on superannuation or under a Voluntary Retirement Scheme (VRS) can also invest in the scheme provided they fulfill the age criteria.
This move by the government has been welcomed by senior citizens and financial experts alike. It is expected to provide a much-needed boost to the savings of senior citizens and help them plan their finances better.
With the higher investment limit, senior citizens can now look forward to a more secure future, and also earn a higher return on their investments.
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