At the beginning of the new year
The lottery for senior citizens has been launched on the very first day of the new year. If you are also availing the government scheme, you will get more money from today. The government has recently increased the interest rate of the Small Savings Scheme. After this decision, the employees will get interest at the rate of 8 percent. Let us tell you that the new interest rates have been implemented from today. The Ministry of Finance has issued a notification in this regard.
The Ministry of Finance issued a notification
As per the notification of the Ministry of Finance, earlier the government was providing interest benefit at the rate of 7.6 per cent on Senior Citizen Savings Scheme. At the same time, from January 1, people will get interest at the rate of 8 percent. This scheme will get 40 basis points more interest.
Interest rates are reviewed every quarter
Let us tell you that the interest rate on Small Savings Scheme is reviewed every quarter. Earlier, the government had hiked the interest rates of some schemes in the month of October as well.
At what age can an account be opened?
You must be 60 years of age to open an account in SCSS. Only people aged 60 years or above can open an account in this scheme. Apart from this, those who have taken VRS (Voluntary Retirement Scheme), can also open an account in this scheme.
What is the minimum investment?
The minimum amount to open an account in this scheme is Rs 1000. If we talk about the maximum investment, then it is 15 lakh rupees. If your account opening amount is less than one lakh rupees, you can open the account by paying cash. Whereas, to open an account above one lakh rupees, you have to give a cheque.